Nigeria’s GDP improves by 3.98% in Q4 2021 — NBS

The National Bureau of Statistics (NBS) announced on Saturday that Nigeria’s Gross Domestic Product (GDP) climbed by 3.98 percent in the fourth quarter of 2021.

This was reported in the agency’s Quarterly Report, which was released in Abuja.

It represented statistics on Nigeria’s GDP, foreign trade, capital importation, consumer prices index, and social statistics.

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

The report read: “This showed sustained growth for the fifth quarter since the recession witnessed in 2020 when output contracted by -6.10 percent and -3.62 percent in Q2 and Q3 of 2020 under the COVID-19 pandemic.

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

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

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

It added: “The growth increased by 2.68 percent points when compared to Q3 of 2021 which was 10.73 percent.

“The non-oil sector grew by 4.73 percent in real terms during Q4 of 2021.

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

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