Nigeria’s annual Gross Domestic Product (GDP) grew by 3.40% which is the strongest since 2014.
The National Bureau of Statistics (NBS) said this in its fourth-quarter GDP report yesterday, stating that 3.98 per cent was recorded in the quarter of last year, from 4.03% and 5.01% recorded in Q3 and Q2 2021, respectively.
However, the figure indicated that the economy is recording a continuous positive growth when compared to the 0.11% and 0.51% recorded in Q4 2020 and Q1 2021 respectively, on the back of the nation’s negative growth due to the effects of COVID-19.
The Statistician-General of Federation/Chief Executive Officer of the National Bureau of Statistics (NBS) at a press briefing, yesterday, noted that the new figure, which would be seen as lower than the 4.03% growth rate in Q3, is analytically better when viewed “in terms of the base effect of the corresponding period in Q4 of 2020 when the economy recorded a GDP growth rate of 0.11% as against the growth rate recorded in Q3 of the same year which was -3.62%.”
Harry added that the improvement seen in the output growth in the last five quarters was steady progress made in stemming the effects of the COVID-19 pandemic and the associated negative impact on livelihoods, well-being and the economy.
He said in nominal terms, aggregate GDP stood at N49.28 trillion in the fourth quarter of 2021, which is higher than the N43.56tr in the same period in 2020, growing by 13.11%.
Nominal GDP in the preceding quarter of Q3 2021 stood at N45.11tr, according to NBS.
The annual Nominal Value of GDP in 2021 was N173.53tr as against N152.32tr in 2020, showing a growth rate of 13.92%.
The Statistician-General added that the fastest growing sectors in the economy are the transportation and storage sector; mining and quarrying; financial and insurance sector; and water supply, sewage, waste management, and remediation sector.
