Nigeria’s Gross Domestic Product (GDP) grew by 4.03% (year-on-year) in real terms, in the third quarter of 2021, showing sustained growth over the last four quarters since the recession witnessed in 2020.
This is according to the recently published GDP report by the National Bureau of Statistics (NBS).
According to the report, Nigeria’s real GDP grew by 4.03% in Q3 2021, representing a slower growth compared to 5.01% recorded in the previous quarter. Meanwhile, the oil sector contracted by 10.73% year-on-year in the same period. The contraction is largely attributed to the decline in crude oil production.
Notably, according to the NBS, Nigeria’s oil production in the review period stood at 1.57mpd compared to 1.61mbpd recorded in the previous quarter and 1.67mbpd recorded in the corresponding period of 2020.