Posted Mon, Nov 22, 2021 12:00 PM

NESG GDP Alert for Q3' 2021, November 2021

Nigerian economy sustains recovery, expanded by 4% year-on-year in 2021 Q3
According to data from the National Bureau of Statistics (NBS), Nigeria’s real Gross Domestic Product (GDP) grew by 4% (year on-year) in 2021Q3 compared with a contraction of 3.6% in the corresponding period of 2020. The current level of growth, however, represents a slowdown relative to 2021Q2 (5%), which appeared to be the strongest quarterly growth since 2014Q4. It also marks the fourth consecutive economic expansion the country has experienced since 2020Q4. On a quarterly basis, the Nigeria’s economy rebounded to 11.5% in 2021Q3. This impressive economic performance in the quarter received some boost from continued COVID-19 vaccination campaign coupled with subdued pressure of the global pandemic on economic activities around the world. In nominal terms, the size of the economy in the third quarter of 2021 stood at N45.9 trillion (US$111.7 billion)