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Nigeria’s GDP Improves By 3.98% In Q4 2021— NBS

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Nigeria’s GDP Improves By 3.98% In Q4 2021— NBS
Nigeria’s GDP Improves By 3.98% In Q4 2021— NBS

The National Bureau of Statistics (NBS), says Nigeria’s Gross Domestic Product (GDP) increased by 3.98 per cent in the fourth quarter of 2021.

This is according to the NBS Statistics Quarterly Report released in Abuja on Saturday.

The report presents statistics on Nigeria’s GDP, foreign trade, capital importation, consumer prices index, and social statistics.

According to the report, Nigeria’s GDP grew by 3.98 per cent year-on-year in real terms in the fourth quarter of 2021.

“This showed sustained growth for the fifth quarter since the recession witnessed in 2020 when output contracted by -6.10 per cent and -3.62 per cent in Q2 and Q3 of 2020 under the COVID pandemic.

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“The Q4 2021 growth rate was higher than the 0.11 per cent growth rate recorded in Q4 of 2020 by 3.87 per cent points and lower than 4.03 per cent recorded in Q3 of 2021 by 0.05 per cent points.

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

The report said real growth of the oil sector was 8.06 per cent year-on-year in Q4 of 2021, indicating an increase by 11.71 per cent points relative to the rate recorded in the corresponding quarter of 2020.

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It said growth increased by 2.68 per cent points when compared to Q3 of 2021 which was 10.73 per cent.

The report revealed that the non-oil sector grew by 4.73 per cent in real terms during Q4 of 2021.

“This rate was higher by 3.05 per cent point compared to the rate recorded same quarter of 2020 and 0.71 per cent point lower than the third quarter of 2021.”

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The report showed that services recorded the highest year-on-year growth rate of 5.58 per cent in the fourth quarter of 2021, followed by agriculture with 3.58 per cent, while industry had -0.05 per cent.

On the contribution to total GDP, the NBS said agriculture contributed the most to GDP with 26.84 per cent, followed by Trade with 15.66 per cent and Information and Communication with 15.21 per c

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