From Isaac Anumihe, Abuja

The Federal Government at weekend revealed that the aggregate Gross Domestic Products (GDP) in the third quarter of 2021 stands at N45.11 trillion, a performance higher than the third quarter of 2020 which recorded N39.09 trillion.

This indicates a year-on-year nominal growth rate of 15.41 per cent in the preceding quarter of Q2 2021 which stood at N39.12 trillion.

Speaking to newsmen in Abuja, the Statistician General, Dr Simon Harry, explained that in terms of real GDP which shows volume of economic activities, third quarter 2021 recorded N18.54 trillion, higher by N718.57 billion than N17.82 trillion recorded in third quarter 2020.

‘This shows output growth of 4.03 per cent in third quarter of 2021. Moreover, output of third quarter of 2021 was higher by N1.85 trillion compared to second quarter 2021 when aggregate real GDP was N16.69 trillion,’ he said

On the performance of oil production, Harry noted that an average daily oil production of 1.57 million barrels per day (mbpd) was recorded in third quarter of 2021 so indicating a lower volume compared to 1.67mbpd recorded in Q3 2020 by 0.10mbpd.

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‘Third quarter 2021 daily oil production also shows lower volume compared to the second quarter 2021 production volume of 1.61mbpd. This trend accounts for oil growth rate of -10.73 per cent in real terms recorded in third quarter 2021,’ he said.

Meanwhile, the non-oil sector (which excludes crude petroleum and natural gas activity) recorded growth of 5.44 per cent in third quarter 2021 in real terms, an improvement from -2.51 per cent reported in third quarter 2020.

‘However, growth rate of non-oil sector in second quarter 2021 performed better at 6.74 per cent. Additionally, during the third quarter 2021, oil contributed 7.49 per cent to Gross Domestic Product from 8.73 per cent contributed in third quarter 2020. Non-oil accounted for 92.51 per cent, an increase from 91.27 per cent recorded in third quarter 2020,’ he said.

As for the fastest growing activities in third quarter 2021, NBS identified transportation and storage sector; financial and insurance sector; and electricity; gas, steam and air conditioning supply sector as showing strong growths during the third quarter of 2021.

To this extent, the fastest growing activities in real terms during the third quarter 2021 GDP estimates were rail transport and pipeline (59.93 per cent); metal ores (54.92 per cent); air transport (33.31 per cent); financial institutions (25.50 per cent); road transport (21.11 per cent); water transport (16.30 per cent) and electricity, trade (11.90) gas, steam and air conditioning supply (14.36 per cent). However, some of the slowest growing activities include oil refining (-47.83 per cent); crude petroleum and natural gas (-10.73 per cent); quarrying and other minerals (-4.20 per cent); coal mining (-4.20 per cent); fishing (-3.97 per cent).