GDP Grew 3.98% in Q4 ’21

James Emejo in Abuja

Nigeria’s Gross Domestic Product (GDP) grew by 3.98 per cent (year-on-year) in real terms in the fourth quarter of last year (Q4 2021) lower than 4.03 per cent recorded in the preceding quarter, the National Bureau of Statistics (NBS) said Thursday.

The performance however indicated a sustained positive growth for five consecutive quarters since the recession witnessed in 2020 when output contracted by 6.10 per cent and 3.62 per cent respectively in the Q2 and Q3 of 2020 under the COVID-19 pandemic.

According to the National Gross Domestic Product Q4 2021, released by the statistical agency, the Q4 growth indicated a steady economic recovery accounting for an annual growth of 3.40 per cent in 2021.

It noted growth rate under the review period was higher than the 0.11 per cent recorded in Q4 2020 by 3.87 percentage points and lower than 4.03 per cent recorded in Q3 by 0.05 percentage points.

The NBS, nevertheless, stated that quarter on quarter, real GDP grew at 9.63 per cent in Q4, reflecting a higher economic activity than the preceding quarter.

Aggregate GDP stood at N49.27 trillion in nominal terms, higher than the N43.56 trillion in Q4 2020, indicating a year-on-year nominal growth rate of 13.11 per cent. Real GDP stood at N20.33 trillion.

The nominal GDP growth rate in Q4 was higher relative to 10.07 per cent growth recorded in the corresponding quarter of 2020 but lower compared to 15.41 per cent growth recorded in the preceding quarter.

The 2021 annual nominal growth stood at 13.92 per cent.

The oil sector contributed 5.19 per cent to growth while the non-oil sector accounted for 94.81 per cent.

Details later…