The Federal Government said the Nigerian economy grew by 3.1 percent in the first quarter of 2022.
Minister of Finance, Budget, and National Planning, Mrs. Zainab Ahmed, disclosed this after the virtual Federal Executive Council (FEC) meeting.
The meeting was presided over by Vice President Yemi Osinbajo.
According to Ahmed, it shows that the economy grew by 3.1 percent in the first quarter of 2022 as against 0.5 percent in the first quarter of last year.
Ahmed said: “This growth shows gradual economic stability from the recession that we witnessed in 2020.
“Also, it shows the six quarters of positive growth that the Nigerian economy has presented.
“So, of the 46 economic activities, the bulk sector performance shows that the services sector grew strongly by 4.7 percent. Agriculture also grew by 3.61 percent.
“Industry, on the other hand, contracted by minus 6.81 percent and there’s also a significant contraction in the crude oil, petroleum, and natural gas sector of 26.04 percent.
“Coal mining sector also declined; oil refinery had the biggest contraction of 44.26 percent.
“Even though there has been growth in some sectors, there is a significant contraction in others but the net effect is positive growth.
“Council has decided to look at how we can grow the other sectors better.”
