Nigeria’s GDP improves by 3.98% in Q4 2021 — NBS

Nigeria’s GDP improves by 3.98% in Q4 2021 — NBS

The National Bureau of Statistics (NBS), says Nigeria’s Gross Domestic Product (GDP) increased by 3.98 percent in the fourth quarter of 2021.

This is according to the NBS Statistics Quarterly Report released in Abuja on Saturday.

The report presents statistics on Nigeria’s GDP, foreign trade, capital importation, consumer prices index, and social statistics.

According to the report, Nigeria’s GDP grew by 3.98 percent year-on-year in real terms in the fourth quarter of 2021.

“This showed sustained growth for the fifth quarter since the recession witnessed in 2020 when output contracted by -6.10 percent and -3.62 percent in Q2 and Q3 of 2020 under the COVID pandemic.

“The Q4 2021 growth rate was higher than the 0.11 percent growth rate recorded in Q4 of 2020 by 3.87 percent points and lower than 4.03 percent recorded in Q3 of 2021 by 0.05 percent points.

“Nevertheless, quarter on quarter, real GDP grew at 9.63 percent in Q4 of 2021 compared to Q3 of 2021, reflecting a higher economic activity than the preceding quarter.

The report said the real growth of the oil sector was 8.06 percent year-on-year in Q4 of 2021, indicating an increase by 11.71 percent points relative to the rate recorded in the corresponding quarter of 2020.

It said growth increased by 2.68 percent points when compared to Q3 of 2021 which was 10.73 percent.

The report revealed that the non-oil sector grew by 4.73 percent in real terms during Q4 of 2021.

“This rate was higher by 3.05 percent point compared to the rate recorded same quarter of 2020 and 0.71 percent point lower than the third quarter of 2021.”

The report showed that services recorded the highest year-on-year growth rate of 5.58 percent in the fourth quarter of 2021, followed by agriculture with 3.58 percent, while the industry had -0.05 percent.

On the contribution to total GDP, the NBS said agriculture contributed the most to GDP with 26.84 percent, followed by Trade with 15.66 percent, and Information and Communication with 15.21 percent.

” The activity that contributed the least was Administrative and Support Services with 0.02 percent.

“This is followed by Water Supply, Sewerage, Waste Management and Remediation with 0.16 percent and Arts, Entertainment and Recreation with 0.20 percent.”

Data on foreign trade revealed that in Q4 of 2021, Nigeria’s Total Merchandise Trade stood at N11,707.20 billion, 74.71 percent higher than compared to the value recorded in Q4, 2020.

It said export trade in Q4 of 2021 stood at N5.77 Trillion, indicating an increase of 12.27 percent over the preceding quarter, and the value in 2021 also grew by 80.52 percent over the corresponding period of 2020.

On the other hand, total imports stood at N5.94 trillion in Q4, 2021, indicating an increase of 11.33 percent over the preceding quarter and 69.41 percent over the corresponding period of 2020.

“Export trade by region in Q4 of 2021 shows that Nigeria exported most products to Europe with goods valued at N2,408.39 billion or 41.76 percent of total exports.

READ ALSO: Thomas Tuchel reveals the clubs he wants Chelsea to emulate

“Asia was N1,875.56 billion, or 32.52 percent of total exports and Africa was N773.83 billion or 13.42 percent of total exports, of which N250.52 billion worth of goods were exported to ECOWAS countries.

“Exports to America amounted to N702.74 billion or 12.19 percent of total exports. ”

The report revealed that during Q4 of 2021, Nigeria imported goods mainly from Asia, valued at N2,743.76 billion or 46.19 percent of total imports.

“This was followed by Europe at N2,422.41 billion or 40.78 percent, America at N571.70 billion or 9.62 percent, Africa at N161.47 billion or 2.72 percent, and Oceania at N41.24 billion or 0.69 percent. ”

It said that imports from ECOWAS countries accounted for N35.76 billion, or 0.6 percent of the value of total imports.

The report also revealed that Export trade to trading partners shows that India remained the top export destination for Nigeria in Q4 of 2021.

“The top five export destinations were India, Spain, France, the Netherlands, and Indonesia.

“With goods valued at ₦874.86 billion or 15.17 percent, ₦789.23 billion or 13.69 percent, ₦485.35 billion or 8.42 percent, ₦425.85 billion or 7.38 percent, and ₦ 288.10 billion or 5.0 percent of export trade.

“These five countries collectively accounted for 49.65 percent of the value of total exports in Q4, 2021.”

The NBS said the sectoral share of imports for Q4 of 2021, showed that 50.51 percent were manufactured goods, followed by other petroleum oil products with 28.60 percent.

“Agricultural goods contributed 11.23 percent of total imports, while raw material goods contributed 9.16 percent. Solid minerals contributed the least with 0.50 percent.”

Data on Exports by sector showed that in Q4 of 2021, crude oil accounted for 74.04 percent of total exports.

“Manufactured goods, raw material goods, and agricultural goods contributed 6.86 percent, 4.31 percent, and 2.30 percent, respectively to total exports.

“Energy goods contributed 0.36 percent, while solid Mineral goods contributed the least with 0.24 percent to total exports.”

On capital importation, the report said the total value of capital importation into Nigeria in the fourth quarter of 2021 stood at 2,187.63 million dollars from 1,731.37 million dollars in the preceding quarter showing an increase of 26.35 percent.

“The largest amount of capital importation by type was received through other investment, which accounted for 54.24 percent (1,186.53 million dollars).

“This was followed by Portfolio Investment with 29.39 percent (642.87 million dollars) and Foreign Direct Investments (FDIs) amounted to 16.38 percent (358.23 million dollars) of total capital imported in Q4 2021.”

The report said capital importation by sector, revealed that tanning had the highest inflow of 645.59 million dollars amounting to 29.51 percent of total capital imported.

This was followed by capital imported into the production sector, valued at 360.06 million dollars (16.46 percent), and the electrical sector with 325.55 million dollars (14.88 percent).

Capital Importation by country of origin reveals that Mauritius ranked top as a source of capital imported into Nigeria in the fourth quarter of 2021 with a value of 611.45 million dollars, accounting for 27.95 percent.

This was followed by the United States of America and the Republic of South Africa valued at 321.03 million dollars (14.67 percent)and 285.83 million dollars (13.07 percent).

The NBS said data on the Consumer Price Index (CPI) which measures the average change over time in prices of goods and services consumed by people for day-to-day living measures the inflation rate.

In March 2022, inflation increased to 15.92 percent on a year-on-year basis. This is 2.25 percentage points lower compared to the rate recorded in March 2021 (15.70 percent).

“The composite food index rose by 17.20 percent year-on-year in March 2022, indicating a healthier rate than in March 2021 which was a 22.95 percent rise.”

The NBS said the current food index was caused by increases in prices of bread and cereals, partly due to the war in Ukraine.

The report said the urban inflation rate increased to 16.44 percent year-on-year in March 2022 from 18.76 percent recorded in March 2021.

It added that the rural inflation rate increased to 15.42 percent in March 2022 from 17.60 percent in March 2021.

Data on social statistics according to the report revealed that in the area of health, cholera was the most reported disease in 2018 both for males and females, followed by measles, while Lassa fever was the least.

However, in 2019 and 2020, reported cases of measles were highest for both males and females, with 46,317 and 17,000 cases respectively.

The report said this was followed by yellow fever, while Lassa fever and cerebrospinal meningitis were the least.

“In terms of reported deaths, cholera claimed the majority of lives in 2018 for both sexes, followed by cerebrospinal meningitis while yellow fever had the least.

“Lassa Fever recorded the highest cases of deaths in 2019 to 2020, with 174 and 244 reported deaths respectively, while cerebrospinal meningitis recorded the lowest with 25 and 9 deaths, respectively. ”

In Education, the report revealed that female enrolment in adult literacy education was more than male in 2018, while in 2019 and 2020 male enrolment was more than female.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

twelve + 4 =