He made the announcement on Thursday in Abuja at a media
conference on the present state of the nation’s Gross Domestic Product (GDP).
Harry explained that the negative GDP figures recorded in
2020 as a result of the COVID-19 pandemic had serious base effects on the GDP
figures for quarters two and three of 2021.
“You will recall that the contraction of quarters two and
three of 2020 has resulted to positive growth as recorded consecutively for the
last three-quarters of quarter four, 2020 with 0.11 per cent, quarter one, 2021
with 0.51 per cent and quarter two, 2021 with 5.01 per cent.
“This base effects continued to quarter three of 2021
recording a growth of 4.03 per cent.”
He stated that the improvement being seen in the output
growth over the last four quarters depicts a steady progress made in stemming
the Covid-19 pandemic and the associated negative impact on livelihood,
well-being and the economy.
He said, “Globally, many countries have witnessed an
improvement in economic performances compared to 2020 when Covid-19 was
endemic.
“Thus, economic recovery is a gradual process that requires
consistent collective efforts to improve economic activities across the
institutional sectors.
“However, in Nigeria, the prospect of full recovery is
glaring provided the current trend of improved economic performance is
sustained in the rest of the year and beyond.
“It is important to also mention that annual GDP growth of
2021 stands at -1.92 per cent.”
The overview of the report noted that aggregate GDP stood at
N45.113 trillion in nominal term, a performance higher when compared with the
third quarter of 2020, which recorded aggregate GDP of N39.089 trillion,
indicating a year-on-year nominal growth rate of 15.41 per cent.
It classified the Nigerian economy into the oil and non-oil
sectors.
For the oil sector, the report said that the nation, in the
third quarter of 2021 recorded an average daily oil production of 1.57 million
barrels per day (mbpd).
This, it said, was lower than the daily average production
of 1.67mbpd recorded in the same quarter of 2020 by 0.10mbpd and lower than the
second quarter 2021 production volume of 1.61mbpd by 0.05mbpd.
It also said that real growth of the oil sector was –10.73
per cent (year-on-year) in quarter three 2021, indicating an increase by 3.16
per cent relative to the rate recorded in the corresponding quarter of 2020.
It added that the oil sector contributed 7.49 per cent to
total real GDP in the quarter, down from figures recorded in the corresponding
period of 2020 and up compared to the preceding quarter, where it contributed
8.73 per cent and 7.42 per cent respectively.
For the non-oil sector, the NBS said that it grew by 5.44
per cent in real terms during the reference quarter, higher by 7.95 per cent
compared to the rate recorded in the same quarter of 2020 and 1.30 per cent
lower than the second quarter of 2021.
“This sector was driven in third quarter 2021 mainly by
trade, Information and Communication (Telecommunication), other drivers include
financial and insurance (financial institutions) and manufacturing (food,
beverage and tobacco).
It said, “Others are agriculture (crop production) and
transportation and storage (road transport), accounting for positive GDP
growth.
“In real terms, the non-oil sector contributed 92.51 per
cent to the nation’s GDP in third quarter 2021, higher from share recorded in
the third quarter of 2020 which was 91.27 per cent and lower than the second
quarter of 2021 which recorded 92.58 per cent.”
GDP helps to determine the structure and dynamics of an
economy, which by implication measures the performance of the economy within a
given period of time.
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