Nigeria’s Gross Domestic Product (GDP) grew by 4.03% (year-on-year) in real terms in the third quarter of 2021, showing a sustained positive growth over the last four quarters since the 2020 recession.
Giving this hint at a media briefing on the 3rd Quarter GDP Report in Abuja on Thursday, the Statistician General of the Federation and Chief Executive Officer of the National Bureau of Statistics (NBS), Dr. Simon Bashir Harry, said that output contracted by -6.10% and -3.62% in Q2 and Q3 of 2020 under the Covid pandemic.
According to him, the Q3 2021 growth rate was higher than the -3.62% growth rate recorded in Q3, 2020 by 7.65% points and lower than 5.01% recorded in Q2 2021 by 0.98% points, indicative of a continuous recovery.
He further clarified that when analyzed on quarter on quarter (Q-o-Q) basis, Nigeria recorded 11.07% real GDP growth in Q3 2021 compared to Q2 2021, reflecting a higher economic activity than the preceding quarter.
In the quarter under review, the Statistician General reported that aggregate GDP stood at N45,113,448.06 million in nominal terms, indicating a higher performance when compared to the third quarter of 2020 which recorded aggregate GDP of N39,089,460.61 million. The figures indicated a year-on-year nominal growth rate of 15.41%.
This is even as he explained that the nominal GDP growth rate in Q3 2021 was higher relative to 3.39% growth recorded in Q3, 2020 as well as the 14.99% growth recorded in the preceding quarter.
Expatiating on the GDP growth on sectoral basis, Harry said that in the quarter under review, Nigeria 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 corresponding quarter of 2020 by 0.10mbpd and lower than the second quarter 2021 production volume of 1.61mbpd by 0.05mbpd. (Figure2).
The Statistician General explained that real growth of the oil sector was -10.73% (year-on-year) in Q3 2021, representing an increase by 3.16% points relative to rate recorded in the corresponding quarter of 2020.
According to him, the sector’s growth increased by 1.92% points when compared to the Q2 2021 growth, which was -12.65%.
A further analysis of the sector’s performance on quarter-on-quarter (Q-o-Q) basis, showed that the oil sector recorded a growth rate of 12.05% in Q3 2021 and contributed 7.49% to total real GDP in Q3 2021, down from figures recorded in the corresponding period of 2020 and up compared to the preceding quarter, where it contributed 8.73% and 7.42% respectively.
On the performance of the Non-Oil Sector, Harry reported that sector grew by 5.44% in real terms during the reference quarter (Q3 2021), representing 7.95% point higher when compared to the rate recorded same quarter of 2020 and 1.30% point lower than the second quarter of 2021.
According to him, the sector’s growth was driven in third quarter 2021 mainly by trade, Information and Communication (Telecommunication); other drivers include Financial and Insurance (Financial Institutions); Manufacturing (Food, Beverage & Tobacco); Agriculture (Crop Production); and Transportation and Storage (Road Transport), accounting for positive GDP growth.
He clarified that in real terms, the Non-Oil sector contributed 92.51% to the nation’s GDP in third quarter 2021, higher from share recorded in the third quarter of 2020 which was 91.27% and lower than the second quarter of 2021 recorded as 92.58%.
