Nigerian Economic Growth Up 3.40% in 2021, Beating Estimates
By Chuks Emele
Nigeria’s economy grew 3.40 percent in 2021, according to the National Bureau of Statistics, beating official estimates.
While the government projected a gross domestic product growth of 2.5 percent, the World Bank estimated an increase of 2.7 percent, slightly higher than the International Monetary Fund’s 2.64 percent.
The better-than-expected performance was propelled by a 3.98 percent growth in the fourth quarter of 2021, indicating “a steady economic recovery,” the agency said in a statement on its website.
The fourth-quarter performance is the fifth consecutive quarter of growth since the recession in 2020 due to the impact of the coronavirus pandemic.