Nigeria Records N18.54trn Real GDP In Q3, 2021

The National Bureau of Statistics (NBS) has said in third quarter (Q3) of 2021, Nigeria recorded N18.54 trillion real Gross Domestic Product (GDP).

Besides, the bureau said in the period under review, the country recorded N45.11 trillion nominal GDP.

The NBS made these known in its Nigerian Gross Domestic Product Report Q3 2021.

According to the report, the country recorded 0.51% in Q2 2021, in Q2 2021, it recorded 5.01% and 4.03% in Q3, 2021.

In its overview of the report, NBS said

“Nigeria’s Gross Domestic Product (GDP) grew by 4.03%(year-on-year) in real terms in the third quarter of 2021, showing a sustained positive growth over the last four quarters since the recession witnessed in 2020. “Output contracted by -6.10% and -3.62% in Q2 and Q3 of 2020 under the Covid pandemic.

“The Q3 2021 growth rate was higher than the -3.62% growth rate recorded in Q3 2020 by 7.65% points and lower than 5.01% recorded in Q2 2021 by 0.98% points, indicative of a continuous recovery.

“Nevertheless, quarter on quarter, real GDP grew at 11.07% in Q3 2021 compared to Q2 2021, reflecting a higher economic activity than the preceding quarter.”

On the oil sector, the bureau said the nation in the third quarter of 2021 recorded an average daily oil production of 1.57 million barrels per day (mbpd), lower than the daily average production of 1.67mbpd recorded in the same quarter of 2020 by 0.10mbpd and lower than the second quarter 2021 production volume of 1.61mbpd by 0.05mbpd.

Real growth of the oil sector, according to the NBS, was –10.73% (year-on-year) in Q3 2021 indicating an increase by 3.16% points relative to rate recorded in the corresponding quarter of 2020.

It added that growth increased by 1.92% points when compared to Q2 2021 which was –12.65%. Quarter-on-Quarter, the oil sector recorded a growth rate of 12.05% in Q3 2021. The Oil sector contributed 7.49% to total real GDP in Q3 2021, down from figures recorded in the corresponding period of 2020 and up compared to the preceding quarter, where it contributed 8.73% and 7.42% respectively.