National Bureau of Statistics (NBS) says Nigeria’s Gross Domestic Product (GDP) grew by 3.98 percent

Written by on February 18, 2022

The National Bureau of Statistics (NBS) says Nigeria’s Gross Domestic Product (GDP) grew by 3.98 percent in the fourth quarter of 2021.

The NBS also said that the fourth quarter of 2021 growth rate was higher than the 0.11 percent growth rate recorded in the fourth quarter of 2020 by 3.87 percent points and lower than 4.03 percent recorded in the third quarter of 2021 by 0.05 percent points.

The report also disclosed that quarter on quarter, real GDP grew at 9.63 percent in the fourth quarter of 2021 compared to the third quarter of 2021, reflecting a higher economic activity than the preceding quarter.

According to the NBS in the quarter under review, aggregate GDP stood at 49 million, 276 thousand, 18 naira and 23 kobo in nominal terms.

The report also said that the performance was higher when compared to the fourth quarter of 2020 which recorded aggregate GDP of N 43 million, 564 thousand, 6 naira and 29 kobo, indicating a year-on-year nominal growth rate of 13.11 percent.

Kevin Madu

 


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