Hajia Zainab Ahmed, Minister of Finance, Budget and National
Planning, made the declaration at the end of the meeting presided over by
Vice-President Yemi Osinbajo.
The minister noted, however, that the report showed
contractions in some sectors of the economy.
“The Federal Executive Council received a report from the
Ministry of Finance, Budget and National Planning for the first quarter of
2022. “I know that this report has been out in the media since last week
Monday, but because we didn’t have FEC meeting last week, we presented it
today.
“The report shows that the economy grew by 3.1 per cent in
the first quarter of 2022 compared to a growth of 0.5 per cent in the corresponding
period in 2021.
“This growth shows a gradual economic stability from the
recession that we witnessed in 2020; and also it shows the sixth quarter of
positive growth that the Nigerian economy has presented,’’ she said. Ahmed
added that of the 46 economic activities, the bulk sector performance showed
that services sector grew strongly by 4.7 per cent; agriculture grew by 3.61
per cent while industry contracted by -6.81 per cent.
According to her, there is also a significant contraction in
the crude oil, petroleum and natural gas sector by -26.04 per cent.