The country’s Gross Domestic Product (GDP) has experienced a further decline as it dropped to 3.98 per cent in the fourth quarter of 2021, from the 4.03 per cent and 5.01 per cent recorded in the third and second quarters of 2021, respectively.
However, the figure is indicative of a continuous positive growth if compared to the 0.11 per cent and 0.51 per cent recorded in Q4 2020 and Q1 2021, respectively, due to the Covid-19 pandemic.
The Statistician-General of Federation/Executive Director of the National Bureau of Statistics, Simon Harry, during a press briefing on Thursday, noted that the new figure, though lower than the 4.03 per cent growth rate in Q3, was analytically better when viewed in terms of the base effect of the corresponding period in Q4 of 2020.
According to Harry, the improvement seen in the output growth in the last five quarters is a steady progress made in stemming the effects of the Covid-19 pandemic and the associated negative impact on livelihood, well-being, and the economy.
He said, “In nominal terms, aggregate GDP stood at N49.28tn in the fourth quarter of 2021, which is higher than the N43.56tn recorded in the same period in 2020, thus, indicating a year-on-year nominal growth rate of 13.11 per cent.
“Nominal Gross Domestic Product in the preceding quarter of Q3 2021 stood at N45.11tn while Annual Nominal Value in 2021 increased by 13.92 per cent to N173.53tn, as against N152.32tn in 2020.
“In terms of real GDP, which shows the volume of economic activities, fourth-quarter 2021 recorded an increase of N778.91bn to N20.33tn, from the N19.55tn recorded in the fourth quarter of 2020.”
The Statistician-General listed the fastest growing sectors of the economy to include the transportation and storage sector, mining and quarrying sector, financial and insurance sector, and water supply, sewerage, waste management and remediation sector.
Similarly, the broad sectoral performance saw agriculture grow by 3.58 per cent in real terms and industry grow by -0.05 per cent — an improvement of -7.30 per cent over the growth recorded in the fourth quarter of 2020, while services accounted for 5.58 per cent growth from the 1.31 per cent recorded in 1=Q4 2020.