The Nigerian economy grew by 3.98% during the 4th quarter of 2021, the National Bureau of Statistics (NBS) announced on Thursday in Abuja. With the latest growth, the economy has recorded the fifth consecutive quarterly growth in a row since it exited the COVID-19-induced recession in Q4 2020 – with a marginalGDPgrowthrateof 0.11% in Q4 2020, 0.51 Q1 2021, 5.01% – Q2 2021, and 4.03% – Q3 2021. The fourth-quarter growth indicates a steady economic recovery accounting for annual growth of 3.40 per cent in 2021. Addressing the media yesterday in Abuja, the Statistician-General of the Federation and NBS CEO, Dr. Simon Harry, said the figure might be seen as lower by an average Nigerian when compared to the 4.03% growth rate recorded in Q3, 2021.
He said: “However, it is not 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%. “I must state that the improvement being seen in the output growth in the last five quarters depicts a steady progress made in stemming the COVID-19 pandemic and the associated negative impact on livelihood, wellbeing, and the economy.”
The fourth quarter 2021 growth rate was higher than the 0.11 per cent growth rate recorded in the corresponding fourth quarter period of 2020 by 3.87 percentage points and lower than 4.03 per cent recorded in the third quarter of 2021 by 0.05 percentage points. On a quarter on quarter, the NBS stated that real GDP grew at 9.63 per cent in the fourth quarter of 2021 compared to the third quarter of 2021, reflecting a higher economic activity than the preceding quarter. In the quarter under review, aggregate GDP stood at N49.27trn in nominal terms.
This performance, according to the NBS, is higher when compared to the fourth quarter of 2020 which recorded aggregate GDP of N43.56trn, indicating a year-on-year nominal growth rate of 13.11 per cent. The nominal GDP growth rate in the fourth quarter of 2021 was higher relative to 10.07 per cent growth recorded in the fourth quarter of 2020, but lower compared to 15.41 per cent growth recorded in the preceding quarter 2021. In terms of oil performance, average daily oil production of 1.50 million barrels per day (mbpd) was recorded in the fourth quarter of 2021.