Nigeria records 3.4% economic growth in 2021 – NBS

The National Bureau of Statistics, NBS, said that the nation’s economy grew by 3.4 per cent in 2021, up from the 1.92 per cent contraction recorded in 2020.

Disclosing this in the just released National Gross Domestic Product Q4 2021 report, the NBS said: “Nigeria’s Gross Domestic Product (GDP) grew by 3.98% (year-on-year) in real terms in the fourth quarter of 2021, showing a sustained positive growth for the fifth quarter since the recession witnessed in 2020 when output contracted by -6.10% and -3.62% in Q2 and Q3 of 2020 under the Covid pandemic.

“The fourth quarter growth indicates a steady economic recovery accounting for an annual growth of 3.40% in 2021. The Q4 2021 growth rate was higher than the 0.11% growth rate recorded in Q4 2020 by 3.87% points and lower than 4.03% recorded in Q3 2021 by 0.05% points.

“Nevertheless, quarter on quarter, real GDP grew at 9.63% in Q4 2021 compared to Q3 2021, reflecting a higher economic activity than the preceding quarter.

In the quarter under review, aggregate GDP stood at N49,276,018.23 million in nominal terms. “This performance is higher when compared to the fourth quarter of 2020 which recorded aggregate GDP of N43,564,006.29 million, indicating a year-on-year nominal growth rate of 13.11%.

“The nominal GDP growth rate in Q4 2021 was higher relative to 10.07% growth recorded in the fourth quarter of 2020 but lower compared to 15.41% growth recorded in the preceding quarter. 2021 annual nominal growth stood at 13.92%. For better clarity, the Nigerian economy has been classified broadly into the oil and non-oil sectors.”