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- Nigeria’s GDP increased to 3.4% in 2021, as against a contraction of 1.92% in 2020. This was revealed by the Chief Statistician-General Simon Harry in Abuja recently
- The Finance Ministry’s estimate for 2021 was 2.5% and the central bank’s projection was at 3.1% , below the actual growth of 3.4%
- That way the Nigerian economy performed above the expectations of the central bank and its finance ministry
Nigeria’s GDP increased to 3.4% in 2021, as against a contraction of 1.92% in 2020. This was revealed by the Chief Statistician-General Simon Harry in Abuja recently. The Finance Ministry’s estimate for 2021 was 2.5% and the central bank’s projection was at 3.1% , below the actual growth of 3.4%. That way the Nigerian economy performed above the expectations of the central bank and its finance ministry.
The main reason for the better performance of the economy was the unexpected 4% growth in the third quarter as against an expected growth of 3.98% in the three months through December from a year earlier. The Bloomberg estimates compiled from 12 economists was for a quarterly growth of 1.4%, much below the growth estimates of the central bank and the finance ministry.
The non-oil economy expanded by 4.73% in the quarter from a year earlier. Agriculture grew at 3.58% and services increased by 5%. Oil production fell marginally. It dropped to 1.50 million barrels a day in the fourth quarter of 2021 from 1.57 million barrels a day in the previous three months. Crude contributed about 9% to the country’s GDP. It accounts for nearly all foreign-exchange earnings, constituting half of the government’s revenue.
