Nigeria’s Gross Domestic Product (GDP) grew by 3.98% year-on-year in real terms in the fourth quarter of 2021, indicating a sustained positive growth for the fifth quarter since the recession witnessed in 2020.
This is according to the recently released GDP report by the National Bureau of Statistics (NBS).
The Q4 2021 growth rate was higher than the 0.11% growth rate recorded in Q4 2020 by 3.87% points and lower than 4.03% recorded in Q3 2021 by 0.05% points.
On a quarter-on-quarter basis, the real GDP grew at 9.63% in Q4 2021 compared to Q3 2021, reflecting a higher economic activity than the preceding quarter.
Meanwhile, the real growth of the oil sector was –8.06% (year-on-year) in Q4 2021 indicating an increase by 11.71% points relative to rate recorded in the corresponding quarter of 2020. Growth increased by 2.68% points when compared to Q3 2021 which was –10.73%.
Nigeria recorded an average daily oil production of 1.50 million barrels per day (mbpd) in Q4 2021, lower than the daily average production of 1.56mbpd recorded in the same quarter of 2020 by 0.06mbpd and lower than the third quarter 2021 production volume of 1.57mbpd
On the other hand, the non-oil sector grew by 4.73% in real terms during the reference quarter (Q4 2021). This rate was higher by 3.05% point compared to the rate recorded same quarter of 2020 and 0.71% point lower than the third quarter of 2021.
This sector was driven in the fourth quarter of 2021 mainly by Agriculture (crop production); trade; Information and Communication (Telecommunication); and Financial and Insurance (Financial Institutions), accounting for positive GDP growth.
In real terms, the Non-Oil sector contributed 94.81% to the nation’s GDP in fourth quarter 2021, higher from share recorded in the fourth quarter of 2020 which was 94.13% and higher than the third quarter of 2021 recorded as 92.51%. The annual contribution in 2021 was 92.76%
