Nigeria’s Gross Domestic Product (GDP) grew lower than the celebrated growth of 5.01 per cent recorded in the second quarter of 2021 by 0.98 per cent points, according to data released by the National Bureau of Statistics (NBS).
According to the official data, GDP grew by 4.03 per cent (year-on-year) in real terms in the third quarter of 2021.
This is as the Statistician-General of the Federation and head of the NBS, Simon Harry explained that the negative GDP figures recorded in 2020 as a result of the COVID-19 pandemic had serious base effects on the GDP figures for quarters two and three 2021.
He made the announcement on Thursday in Abuja at a media conference where he presented the third quarter GDP report.
He stated that the improvement being seen in the output growth over the last four quarters depicts a steady progress made in stemming the COVID-19 pandemic and the associated negative impact on livelihood, well-being and the economy.
Quarter on quarter real GDP grew at 11.07 per cent in Q3 2021 compared to Q2 2021, reflecting a higher economic activity than the preceding quarter.
During the third quarter 2021, oil contributed 7.49 per cent to GDP from 8.73 per cent contributed in third quarter 2020.
Non-oil sectors accounted for 92.51 per cent, an increase from 91.27 per cent recorded in third quarter 2020, the fastest growing activities in third quarter 2021.
The Nigerian economy has been classified broadly into the oil and non-oil sectors.
In the quarter under review, aggregate GDP stood at N45 trillion in nominal terms. This performance is higher when compared to the third quarter of 2020 which recorded aggregate GDP of N39 trillion, indicating a year-on-year nominal growth rate of 15.41 per cent.
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