Nigeria’s economy grew by 3.98% in Q4 2021

Nigeria’s Gross Domestic Product (GDP), which measures the total productivity in a country within a specific period, grew by 3.98% in the fourth quarter of 2021, the National Bureau of Statistics latest data has shown. 

“Nigeria Gross Domestic Product (GDP) grew by 3.98%(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 when output contracted by -6.10% and -3.62% in Q2 and Q3 of 2020 under the COVID pandemic. The fourth-quarter growth indicates a steady economic recovery accounting for annual growth of 3.40% in 2021,” a report by the NBS disclosed on Thursday.

It further stated that the Q4 2021 growth rate was higher than the 0.11% growth rate recorded in Q4 2020 by 3.87% points and lower than 4.03% recorded in Q3 2021 by 0.05% points.

Nevertheless, the report noted that quarter on quarter, real GDP grew at 9.63% in Q4 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%.

The nominal GDP growth rate in Q4 2021 was higher relative to the 10.07% growth recorded in the fourth quarter of 2020 but lower compared to the 15.41% growth recorded in the preceding quarter. 2021 annual nominal growth stood at 13.92%.