The National Bureau of Statistics, NBS, said that the nation’s economy grew by 3.4 per cent in 2021, up from the 1.92 per cent contraction recorded in 2020.
Disclosing this in the just released National Gross Domestic Product Q4 2021 report, the NBS said: “Nigeria’s Gross Domestic Product (GDP) grew by 3.98%(year-on-year) in real terms in the fourth quarter of 2021, showing a sustained positive growth for the fifth quarter since the recession witnessed in 2020 when output contracted by -6.10% and -3.62% in Q2 and Q3 of 2020 under the Covid pandemic.
“The fourth quarter growth indicates a steady economic recovery accounting for an annual growth of 3.40% in 2021. The Q4 2021 growth rate was higher than the 0.11% growth rate recorded in Q4 2020 by 3.87% points and lower than 4.03% recorded in Q3 2021 by 0.05% points.
“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.
