The National Bureau of Statistics says Nigeria’s GDP grew by 3.98% in Q4 2021, sustaining a positive trajectory. “Nigeria 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,” a report by the NBS disclosed on Thursday.
It further stated that 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, the report noted that 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.