November 24, 2022
  • November 24, 2022

Nigeria posts 4.03% GDP growth in third quarter – NBS

By on November 19, 2021 0

Of Isaac anumihe, Abuja

national The Bureau of Statistics (NBS) said yesterday that Nigeria’s gross domestic product (GDP) grew 4.03% (year-on-year) in real terms in the third quarter of 2021, showing sustained positive growth over the past four quarters since the recession observed in 2020. But in nominal terms, aggregate GDP stood at 45.11 trillion naira in the third quarter of 2021, a better performance than in the third quarter of 2020, which recorded 39.09 trillion naira. of naira, indicating a year on year nominal growth rate of 15.41 percent.

However, production contracted -6.10% and -3.62% in the second and third quarters of 2020 as part of the COVID-19 pandemic. The third quarter 2021 growth rate, NBS said, was above the -3.62 percent growth rate recorded in the third quarter of 2020 by 7.65 percentage points and below 5.01 percent recorded in the second quarter. 2021 by 0.98 percent, indicating a continued recovery.

Nonetheless, quarter on quarter, real GDP grew by 11.07% in the third quarter of 2021 compared to the second quarter of 2021, reflecting higher economic activity than in the previous quarter.

In the quarter under review, aggregate GDP stood at N 45,113,448.06 million in nominal terms.

“This performance is superior compared to the third quarter of 2020 which had recorded

GDP of 39,089,460.61 million naira, indicating a nominal growth rate of 15.41% year-on-year. The nominal GDP growth rate in the third quarter of 2021 was higher compared to the 3.39% growth recorded in the third quarter of 2020 as well as the 14.99% growth recorded in the previous quarter, ”NBS said.

For clarity, the Nigerian economy has been categorized broadly into the petroleum and non-petroleum sectors.

Thus, in the oil sector, 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 average daily production of 1.67 mbpd recorded in the same quarter of 2020 by 0.10 mbpd and lower than the second quarter 2021 production volume of 1.61 mbpd of 0.05 mbpd.

As for crude oil production (mbpd), the real growth of the oil sector was -10.73% (year-on-year) in the third quarter of 2021, indicating an increase of 3.16 percentage points from the rate recorded in the corresponding quarter of 2020. Growth increased by 1.92 percent compared to the second quarter of 2021 which was –12.65 percent.

On a quarterly basis, the oil sector recorded a growth rate of 12.05% in the third quarter of 2021. The oil sector contributed 7.49% to the total real GDP in the third quarter of 2021, down from the figures recorded in the corresponding period of 2020.

100% natural herbs to permanently end premature ejaculation and weak erection. Click here .