From Isaac Anumihe, Abuja
National Bureau of Statistics (NBS), yesterday, said Nigeria’s Gross Domestic Product (GDP) grew by 4.03 per cent (year-on-year) in real terms in the third quarter of 2021, showing a sustained positive growth over the last four quarters since the recession witnessed in 2020. But in nominal terms, the aggregate GDP stood at N45.11trillion in the third quarter of 2021, a higher performance when compared to the third quarter of 2020, which recorded N39.09 trillion, indicating a year-on-year nominal growth rate of 15.41 per cent.
However, output contracted by -6.10 per cent and -3.62 per cent in Q2 and Q3 of 2020 under the COVID-19 pandemic. The Q3 2021 growth rate, NBS said, was higher than the -3.62 per cent growth rate recorded in Q3 2020 by 7.65 per cent points and lower than 5.01 per cent recorded in Q2 2021 by 0.98 per cent points, indicative of a continuous recovery.
Nevertheless, quarter-on- quarter, real GDP grew at 11.07 per cent in Q3 2021 compared to Q2 2021, reflecting a higher economic activity than the preceding quarter.
In the quarter under review, aggregate GDP stood at N45,113,448.06 million in nominal terms.
“This performance is higher when compared to the third quarter of 2020 which recorded aggregate
GDP of N39,089,460.61 million, indicating a year-on-year nominal growth rate of 15.41 per cent. The nominal GDP growth rate in Q3 2021 was higher relative to 3.39 per cent growth recorded in the third quarter of 2020 as well as the 14.99 per cent growth recorded in the preceding quarter,” NBS said.
For better clarity, the Nigerian economy has been classified broadly into the oil and non-oil sectors.
So, in oil sector, the nation in the third quarter of 2021 recorded an average daily oil production of 1.57 million barrels per day (mbpd), lower than the daily average production of 1.67mbpd recorded in the same quarter of 2020 by 0.10mbpd and lower than the second quarter 2021 production volume of 1.61mbpd by 0.05mbpd.
As for the crude oil output (mbpd) real growth of the oil sector was –10.73 per cent (year-on-year) in Q3 2021 indicating an increase by 3.16 per cent points relative to rate recorded in the corresponding quarter of 2020. Growth increased by 1.92 per cent points when compared to Q2 2021 which was –12.65 per cent.
For quarter-on-quarter, the oil sector recorded a growth rate of 12.05 per cent in Q3 2021. The oil sector contributed 7.49 per cent to total real GDP in Q3 2021, down from figures recorded in the corresponding period of 2020.