Home Sectors BUSINESS & ECONOMY Nigeria’s Economy Records 4.03 Percent Growth In Q3 2021 – NBS

Nigeria’s Economy Records 4.03 Percent Growth In Q3 2021 – NBS

Nigeria’s economy Records 4.03 Percent Growth In Q3 2021 - NBS

The Statistician-General of the Federation, Simon Harry, has announced that Nigeria’s economy rose by 4.03 percent in the 3rd quarter of 2021 (Q3 2021).

He made the disclosure during a media conference on the present state of the nation’s gross domestic product (GDP) on Thursday.

Harry noted that the negative GDP figures recorded last year due to the COVID-19 pandemic had a serious base impact on the GDP figures for the second and third quarters of 2021.

“You will recall that the contraction of quarters two and three of 2020 has resulted in positive growth as recorded consecutively for the last three-quarters of quarter four, 2020 with 0.11 percent, quarter one, 2021 with 0.51 percent and quarter two 2021 with 5.01 percent,” he said.

“These base effects continued to quarter three of 2021 recording a growth of 4.03 percent.”

According to NAN, the Statistician-General of the Federation stated that the improvement in output growth in the previous four quarters shows steady improvement recorded in curbing the COVID-19 pandemic and the associated adverse effect on livelihood, well-being, and the economy.

“Globally, many countries have witnessed an improvement in economic performances compared to 2020 when Covid-19 was endemic,” he said.

“Thus, economic recovery is a gradual process that requires consistent collective efforts to improve economic activities across the institutional sectors.

“However, in Nigeria, the prospect of full recovery is glaring provided the current trend of improved economic performance is sustained in the rest of the year and beyond.

“It is important to also mention that annual GDP growth of 2021 stands at -1.92 percent.”


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