The Federation’s General Statistician and Head of the National Bureau of Statistics, Simon Harry has said the country’s economy grew 4.03% in the third quarter of 2021.
He made the announcement Thursday in Abuja during a press conference on the current state of the country’s gross domestic product, GDP.
Harry explained that the negative GDP figures recorded in 2020 following the COVID-19 pandemic had serious base effects on the GDP figures for the second and third quarters of 2021.
“You will recall that the contraction of the second and third quarters of 2020 resulted in positive growth recorded consecutively for the last three quarters of the fourth quarter 2020 with 0.11%, the first quarter 2021 with 0.51% and the second quarter 2021 with 5.01 percent.
“These base effects continued into the third quarter of 2021, registering growth of 4.03 percent.”
He said the improvement seen in production growth over the past four quarters portrays steady progress in stemming the Covid-19 pandemic and the associated negative impact on livelihoods, well-being and the ‘economy.
He said: “Around the world, many countries have seen improved economic performance compared to 2020, when Covid-19 was endemic.
“Thus, economic recovery is a gradual process that requires coherent collective efforts to improve economic activities in all institutional sectors.
“However, in Nigeria, the prospect of a full recovery is glaring provided the current trend of improving economic performance continues through the rest of the year and beyond.
“It is important to also mention that the annual GDP growth for 2021 stands at -1.92 percent.”
The report preview noted that overall GDP stood at N45113 trillion in nominal terms, outperforming the third quarter of 2020, which recorded aggregate GDP of N39 089 trillion, indicating nominal year-over-year growth. rate of 15.41 percent.
He classified the Nigerian economy in the oil and non-oil sectors.
For the oil sector, the report says the nation, in the third quarter of 2021, recorded an average daily oil production of 1.57 million barrels per day (mbpd).
This, he said, was lower than the average daily production of 1.67 mbpd recorded in the same quarter of 2020 of 0.10 mbpd and lower than the production volume of the second quarter of 2021 of 1.61 mbpd of 0, 05 mbpd.
He also indicated that 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% from the rate recorded in the corresponding quarter of 2020.
He added that the oil sector contributed 7.49% of total real GDP in the quarter, down from the figures recorded in the corresponding period of 2020 and up from the previous quarter, where it increased. contributed 8.73% and 7.42% respectively.
For the non-oil sector, the SNB said it grew 5.44% in real terms in the reference quarter, 7.95% higher than the rate recorded in the same quarter of 2020 and 1.30 % less than in the second trimester. from 2021.
“This sector was driven in the third quarter of 2021 mainly by trade, information and communication (telecommunications), other drivers include finance and insurance (financial institutions) and manufacturing (food, beverages and tobacco).
He said: “Others are agriculture (crop production) and transport and storage (road transport), which represents positive GDP growth.
In real terms, the non-oil sector contributed 92.51 percent to the country’s GDP in the third quarter of 2021, higher than the share recorded in the third quarter of 2020 which was 91.27 percent and lower than the second quarter of 2021 which was registered 92.58 percent. hundred.”
GDP helps determine the structure and dynamics of an economy, which by implication measures the performance of the economy in a given period of time.
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