The nation’s GDP increased by 3.98 percent in Q4 2021, marking the fifth consecutive quarter of positive growth since the recession of 2020, when output shrank by -6.10 percent and -3.62 percent in Q2 and Q3 of that year due to the COVID-19 epidemic.
The fourth-quarter expansion points to a solid economic rebound in 2021, with annual growth of 3.40 percent.
According to the NBS, the Q4 2021 growth rate was 3.87 percent greater than the 0.11 percent recorded in Q4 2020 and 0.05 percent lower than the 4.03 percent recorded in Q3 2021.
Nevertheless, quarter on quarter, real GDP grew at 9.63% in Q4 2021 compared to Q3 2021, reflecting a higher economic activity than the preceding quarter. In the quarter under review, aggregate GDP stood at N49,276,018.23 million in nominal terms.
“This performance is higher when compared to the fourth quarter of 2020 which recorded aggregate GDP of N43,564,006.29 million, indicating a year-on-year nominal growth rate of 13.11%,” NBS said in its report.
The nominal GDP growth rate in Q4 2021 was higher relative to 10.07% growth recorded in the fourth quarter of 2020 but lower compared to 15.41% growth recorded in the preceding quarter. 2021 annual nominal growth stood at 13.92%.
The fourth-quarter expansion points to a solid economic rebound in 2021, with annual growth of 3.40 percent.
According to the NBS, the Q4 2021 growth rate was 3.87 percent greater than the 0.11 percent recorded in Q4 2020 and 0.05 percent lower than the 4.03 percent recorded in Q3 2021.
Nevertheless, quarter on quarter, real GDP grew at 9.63% in Q4 2021 compared to Q3 2021, reflecting a higher economic activity than the preceding quarter. In the quarter under review, aggregate GDP stood at N49,276,018.23 million in nominal terms.
“This performance is higher when compared to the fourth quarter of 2020 which recorded aggregate GDP of N43,564,006.29 million, indicating a year-on-year nominal growth rate of 13.11%,” NBS said in its report.
The nominal GDP growth rate in Q4 2021 was higher relative to 10.07% growth recorded in the fourth quarter of 2020 but lower compared to 15.41% growth recorded in the preceding quarter. 2021 annual nominal growth stood at 13.92%.