Nigeria records N18.54tr real GDP in Q3

The National Bureau of Statistics (NBS) yesterday said in third quarter (Q3) of 2021, Nigeria recorded N18.54 trillion real Gross Domestic Product (GDP).

Besides, the bureau said in the period under review, the country recorded N45.11 trillion nominal GDP.

The NBS made this known in its Nigerian Gross Domestic Product Report Q3 2021.

According to the report, the country recorded 0.51per cent in Q2 2021, in Q2 2021, it recorded 5.01per cent and 4.03per cent in Q3, 2021.

In its overview of the report, NBS 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. “Output contracted by -6.10per cent and -3.62per cent in Q2 and Q3 of 2020 under the COVID pandemic.

 

“The Q3 2021 growth rate was higher than the -3.62per cent growth rate recorded in Q3 2020 by 7.65 per cent points and lower than 5.01per cent recorded in Q2 2021 by 0.98% points, indicative of a continuous recovery.

“Nevertheless, quarter on quarter, real GDP grew at 11.07per cent in Q3 2021 compared to Q2 2021, reflecting a higher economic activity than the preceding quarter.”

On the oil sector, the bureau said 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.

Real growth of the oil sector, according to the NBS, 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.

It added that growth increased by 1.92 per cent points when compared to Q2 2021 which was –12.65 per cent. 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 and up compared to the preceding quarter, where it contributed 8.73 per cent and 7.42 per cent respectively.

On the Non-Oil Sector, the report said, the non-oil sector grew by 5.44 per cent in real terms during the reference quarter (Q3 2021). This rate was higher by 7.95 per cen point compared to the rate recorded same quarter of 2020 and 1.30 per cent point lower than the second quarter of 2021.

It noted that “this sector 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.

“In real terms, the Non-Oil sector contributed 92.51 per cent to the nation’s GDP in third quarter 2021, higher from share recorded in the third quarter of 2020 which was 91.27 per cent and lower than the second quarter of 2021 recorded as 92.58 per cent.”

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