Nigeria’s Gross Domestic Product (GDP) increased by 3.98 percent (year-on-year) in the fourth quarter of last year (Q4 2021), from the 4.03 percent growth in the previous three months.
The National Bureau of Statistics (NBS) made this known in the recently released Gross Domestic Product report.
The agricultural sector witnessed a visible increase in the fourth quarter. It rose to 3.58% (year-on-year) in real terms indicating an 0.16% increase from that of the same time in 2020, and a growth rate of 1.22% from the preceding quarter.
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This growth was majorly contributed by crop production with support from Livestock, Forestry, and Fishing.
On the other hand, there has been a noticeable fall in the oil sector. The average daily oil production stood at 1.50 million barrels per day (mbpd), this shows a decrease from the production of 1.56mbpd recorded around the same time in 2020.
According to the report, “the Oil sector contributed 5.19% to total real GDP in Q4 2021, down from figures recorded in the corresponding period of 2020 and down compared to the preceding quarter, where it contributed 5.87% and 7.49% respectively”.
The result further revealed that “real growth of the oil sector was –8.06% (year-on-year) in Q4 2021 indicating an increase by 11.71% points relative to rate recorded in the corresponding quarter of 2020. Growth increased by 2.68% points when compared to Q3 2021 which was –10.73%. Quarter-on-Quarter, the oil sector recorded a growth rate of -24.06% in Q4 2021. Annual growth stood at -8.30%, a rate better than the -8.89% recorded in 2020”.
In all, while the Nonoil sector contributed 92.76% to the nation’s real GDP, the Oil sector only added 7.24% in the fourth quarter of 2021.
