Nigeria’s Gross Domestic Product (GDP) grew by 4.03%(year-on-year) in real terms in the third quarter of 2021, showing a sustained positive growth over the last four quarters since the recession witnessed in 2020. Output contracted by -6.10% and -3.62% in Q2 and Q3 of 2020 under the Covid pandemic. The Q3 2021 growth rate was higher than the -3.62% growth rate recorded in Q3 2020 by 7.65% points and lower than 5.01% recorded in Q2 2021 by 0.98% points, indicative of a continuous recovery. Nevertheless, quarter on quarter, real GDP grew at 11.07% in Q3 2021 compared to Q2 2021, reflecting a higher economic activity than the preceding quarter.

In the quarter under review, aggregate GDP stood at N45,113,448.06 million in nominal terms. This performance is higher when compared to the third quarter of 2020 which recorded aggregate GDP of N39,089,460.61 million, indicating a year-on-year nominal growth rate of 15.41%. The nominal GDP growth rate in Q3 2021 was higher relative to 3.39% growth recorded in the third quarter of 2020 as well as the 14.99% growth recorded in the preceding quarter. For better clarity, the Nigerian economy has been classified broadly into the oil and non-oil sectors.

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