Nigeria GDP Eases to 4.03% in Third Quarter

Nigeria GDP Eases to 4.03% in Third Quarter

By Bashir Olanrewaju

Nigeria’s economy expanded 4.03 percent in the third quarter, slower than the 5.01 percent recorded in the preceding period, but still a significant indicator of increased economic activities, according to data released by the National Bureau of Statistics.

The latest year-on-year growth figures show “a sustained positive growth over the last four quarters since the recession witnessed in 2020,” the statistics agency said in a statement on its website.

Economy suffered severe downturn due to Covid-19

Nigeria suffered a severe economic downturn after the coronavirus pandemic forced the country into a prolonged lockdown at the same time lack of demand forced a record plunge in the price of crude oil, the economy’s lifeblood.

Growth in the third quarter was dampened by lower oil output, at 1.57 million barrels compared with 1.61 million barrels in the second quarter, and well below budget projections.

Growth was largely spurred by the non-oil segment of the economy, with key drivers identified as trade, information technology and telecommunications as well as manufacturing, agriculture and logistics, according to the statistics agency.