NBS: Nigeria’s GDP Increases By 3.4% In 2021 

The National Bureau of Statistics (NBS), says that Nigeria’s Gross Domestic Product (GDP) increased by 4.03 per cent in the third quarter of 2021.

According to NBS report, in the third quarter of 2021, Nigeria’s real GDP at basic prices grew by 4.03 per cent on a year-on-year basis showing a steady improvement from the economic downturn in 2020. The NBS said that growth improved further in the fourth quarter of 2021 with a positive GDP growth rate of 3.98 per cent.

The report says “in the third quarter of 2021, Nigeria real GDP at basic prices grew by 4.03% on a year-on-year basis showing a steady improvement from the economic downturn in 2020. Growth however, improved further in fourth quarter 2021 with positive GDP growth rate of 3.98%.

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“The negative quarterly growths in Q2 and Q3 2020 resulted in a recession, which led to a negative annual growth rate of -1.92% for 2020, compared to 2.27% in 2019 on a year-on-year basis.

“Annual growth of 2021 stood at 3.40%, an improvement of 2020. Compared to the third and fourth quarters of 2020, the performance in 2021 indicated an increase of 7.65% points and 3.87% points higher, respectively.

“Household Consumption Expenditure, in Q3 and Q4 2021 grew by 19.36% and 7.30% in real terms, year on year. For 2021, the annual growth rate in real household consumption expenditure stood at 25.65% compared to -1.69% in 2020.

“Government Consumption Expenditure recorded growth rates of -39.51% and -16.76% in Q3 and Q4 2021 respectively, year on year, while annual growth rate stood at -34.03% in 2021 compared to 61.58% in 2020.

Net Exports recorded positive growth rates in the first two quarters of 2020 and shifted to negative growth rates in third and fourth quarters of 2020 as well as the first three quarters of 2021, a departure from the trend in 2019.

It added that, “Net exports grew in real terms in Q3 and Q4 2021 by -38.27% and 1.35% respectively. On an annual basis, net exports grew by -55.77% in 2021 compared to -13.17% recorded in 2020”.