Nigeria Economy Records Massive Growths In Q3 2021. See Full Report

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has Recorded Massive growths  In Q3 2021.

The statistician-general of the federation, Simon Harry, announced that the country’s economy grew by 4.03 per cent in the third quarter of 2021. (Q3 2021).

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He said this at a press conference on the state of the nation’s gross domestic product on Thursday in Abuja (GDP).

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The negative GDP figures recorded in 2020 as a result of the COVID-19 pandemic had significant base effects on GDP figures in the second and third quarters of 2021, according to Harry.

 

“You will recall that the contraction in 2020’s second and third quarters resulted in positive growth in the last three quarters of quarter four, 2020, with 0.11 per cent, quarter one, 2021, with 0.51 per cent, and quarter two, 2021, with 5.01 per cent,” he said.

 

“These base effects continued to grow at a 4.03 per cent rate in the third quarter of 2021.”

 

According to NAN, Harry stated that the increase in output growth over the last four quarters demonstrates steady progress in combating the COVID-19 pandemic and its negative impact on livelihood, well-being, and the economy.

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“When compared to 2020, when Covid-19 was endemic,” he said, “many countries have seen an improvement in economic performance.”

 

“As a result, economic recovery is a gradual process that necessitates consistent collective efforts across institutional sectors to improve economic activities.”

 

“However, the prospect of full recovery in Nigeria is clear if the current trend of improved economic performance continues through the rest of the year and beyond.”

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“It’s also worth noting that annual GDP growth in 2021 is expected to be -1.92 per cent.”

 

According to the report, total GDP was N45.113 trillion in nominal terms, up from N39.089 trillion in the third quarter of 2020, indicating a nominal growth rate of 15.41 per cent year on year.

 

According to the report, the country produced 1.57 million barrels of oil per day on an average daily basis in the third quarter of 2021. (mbpd).

 

This was 0.10 million barrels per day lower than the daily average production of 1.67 million barrels per day recorded in the same quarter of 2020, and 0.05 million barrels per day lower than the second quarter 2021 production volume of 1.61 million barrels per day.

 

It also stated that the oil sector’s real growth in quarter three of 2021 was — 10.73 per cent (year-on-year), up 3.16 per cent from the same quarter in 2020.

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It went on to say that the oil sector contributed 7.49 per cent to total real GDP in the quarter, down from 8.73 per cent in the previous quarter and up from 7.42 per cent in the previous quarter.

 

The non-oil sector grew by 5.44 per cent in real terms during the reference quarter, higher by 7.95 per cent than the same quarter in 2020 and 1.30 per cent lower than the second quarter of 2021, according to the NBS.

 

“Trade, Information and Communication (Telecommunication) were the main drivers in the third quarter of 2021; other drivers included financial and insurance (financial institutions) and manufacturing (food, beverage, and tobacco),” according to the report.

 

“Agriculture (crop production) and transportation and storage (road transport) are two other industries that contribute to positive GDP growth.

 

“In real terms, the non-oil sector contributed 92.51 per cent of the nation’s GDP in the third quarter of 2021, up from 91.27 per cent in the third quarter of 2020 and down from 92.58 per cent in the second quarter of 2021.”

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