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Nigerian economy grows by 4.03% in Q3

Felix Oloyede

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Nigerian economy grows by 4.03% in Q3

Nigerian economy grew by 4.03% in the 3rd Quarter of 2021, the Statistician-General of the Federation and Head of National Bureau of Statistics (NBS), Mr Simon Harry, has disclosed. 

He said this on Thursday in Abuja at a media conference on the present state of the nation’s Gross Domestic Product (GDP).

Mr Harry explained that the negative GDP figures recorded in 2020 as a result of the COVID-19 pandemic had serious base effects on the GDP figures for the 2nd and 3rd quarters of 2021.

“You will recall that the contraction of quarters two and three of 2020 has resulted to positive growth as recorded consecutively for the last three-quarters of quarter four, 2020 with 0.11%, quarter one, 2021 with 0.51% and quarter two, 2021 with 5.01%.”

Mr Harry stated that the improvement seen in the output growth over the last four quarters depicts steady progress made in stemming the Covid-19 pandemic and the associated negative impact on livelihood, well-being and the economy.

In the same vein, Ondo State Statistician-General, Mr Wole Agunbiade said the nation can fast track its growth when the right decisions with the aid of statistical data are taken by policymakers.

He made the remark while speaking with radio Nigeria during this year’s occasion of African Statistics day in Akure.

Mr Agunbiade who harped on the imperative of statistics for national development hinted that this year’s event was designed to mobilise statistics for seamless production of data in the area of cultural heritage, tourism, and art.

Highlighting the achievements in the industry, the Statistician-General hinted that the state government had signed into law the rules regulating statistical activities, approved the formation of state consultative forum, possession the state statistical master plans that regulated investments among others.

The theme of this year’s event is Modernising National Statistical System to Support Sociocultural Development in Africa.

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