Nigeria records 3.4% GDP growth

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Nigeria’s Gross Domestic Product grew by 3.98 per cent in the fourth quarter of 2021.

This is the strongest growth since 2014, according to the second-quarter GDP report released on Thursday, by the National Bureau of Statistics.

The report showed that the fourth-quarter growth accounted for annual growth of 3.40% in 2021.

Part of the report read, “Nigeria Gross Domestic Product grew by 3.98 per cent (year-on-year) in real terms in the fourth quarter of 2021, showing a sustained positive growth for the fifth quarter since the recession witnessed in 2020 when output contracted by -6.10 per cent and -3.62 per cent in Q2 and Q3 of 2020 under the Covid pandemic.

“The fourth quarter growth indicates a steady economic recovery accounting for annual growth of 3.40% in 2021.

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“The Q4 2021 growth rate was higher than the 0.11 per cent growth rate recorded in Q4 2020 by 3.87 per cent points and lower than 4.03 per cent recorded in Q3 2021 by 0.05 per cent points. Nevertheless, quarter on quarter, real GDP grew at 9.63% in Q4 2021 compared to Q3 2021, reflecting a higher economic activity than the preceding quarter.”