As stated in a recently released GDP report from the National Bureau of Statistics, Nigeria’s GDP growth rate drops to 3.98 percent in Q4 2021 from 4.03 percent in Q3 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.
“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%. 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,” the report added.
in terms of oil performance, the average daily oil production of 1.50 million barrels per day (mbpd) was recorded in the fourth quarter of 2021. The oil sector contributed 5.19 percent to GDP in Q4 2021 and a total of 7.24 percent to GDP in 2021 compared to 8.16 percent in 2020. For the non-oil sector, the agriculture sector grew by 3.58 percent in Q4 2021. The ICT sector’s contribution to GDP declined in Q4 2021 and contributed 9.88 percent to total nominal GDP in Q4 2021.