Nigeria’s Gross Domestic Product (GDP) recorded steady economic recovery with an annual growth of 3.40 per cent in 2021, according to the figures that were released by the National Bureau of Statistics (NBS) on Thursday (today).
The economy grew 3.98 by per cent (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.
The economic output contracted by -6.10 per cent and -3.62 per cent in Q2 and Q3 of 2020 under the Covid-19 induced global economic contraction.
The Q4 2021 growth rate was higher than the 0.11 per cent growth rate recorded in Q4 2020 by 3.87% points and lower than 4.03% recorded in Q3 2021 by 0.05% points.
Quarter on quarter, real GDP grew at 9.63 per cent in the fourth quarter of 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 per cent.
The nominal GDP growth rate in Q4 2021 was higher relative to 10.07 per cent 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 per cent.
The Nigerian economy has been classified broadly into the oil and non-oil sectors.
