Nigeria’s Gross Domestic Product (GDP) has experienced a 3.98 percent growth in the fourth quarter of 2021 according to the National Bureau of Statistics (NBS) in its NBS Statistics Quarterly Report released in Abuja on Saturday.
According to the report which gives statistics on Nigeria’s GDP, foreign trade, consumer prices index, capital importation, and social statistics, the country’s GDP increased by 3.98 percent year-on-year in real terms in the fourth quarter of 2021.
The report insists this statistic suggests a sustained growth for the fifth quarter since the 2020 recession that saw output contract by -6.10 percent and -3.62 percent in the second and third quarters of 2020 under the COVID pandemic.
Quarter on quarter, the report said real GDP increased by 9.63 percent in the fourth quarter of 2021 compared to the third quarter, reflecting an increased economic activity than the preceding quarter.
It also showed that services recorded the highest year-on-year growth rate of 5.58 percent in the fourth quarter of 2021, followed by agriculture with 3.58 percent. On total GDP contribution, the NBS report said agriculture contributed the highest with 26.84 percent, trade followed with 15.66 percent, and Information and communication with 15.21 percent. Administrative and Support Services contributed the least to the GDP with a paltry 0.02 percent.
Data on foreign trade showed that Nigeria’s Total Merchandise Trade stood at N11,707.20 billion in the fourth quarter of 2021, a 74.71 percent increase compared to the value recorded in the fourth quarter of 2020.