- The Nigerian economy is on the part to fully recover from the effects of the COVID-19 pandemic that saw the economy fall into recession
- According to Nigerian government statistics body, the economy grew by 4.03 percent led by Rail and Air transport sectors
- Despite this increase, several high-employment sectors continue to be absent from the top-performing sectors
The National Bureau of Statistics (NBS) on Thursday, 18 November revealed to the Nigerian Public that the economy grew by 4.03 percent in the third quarter of 2021.
Although the third-quarter growth rate is lower when compared to the 5.01 percent in the second quarter of 2021, it is higher than the 0.51 percent recorded in the first quarter of 2021.
Giving his comment on the result, the statistician-general of the federation and chief executive officer of the National Bureau of Statistics (NBS), Simon Harry said the drop recorded is a result of the COVID-19 pandemic which affected the globe.
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“You will recall that the contraction of quarters two and three of 2020 has resulted in positive growth as recorded consecutively for the last three-quarters of quarter four, 2020 with 0.11%, quarter one, 2021 with 0.51% and quarter two, 2021 with 5.01%."
According to the report, the following is the best performing sectors in the quarter:
Rail transport and pipelines
The rail transport and pipeline sector is the best performing sector in the third quarter as it recorded a growth of 59.93 percent.
This is a massive improvement when compared to the contraction of 63.32 percent in the same period last year.
The Metal Ores is the second-best performing sector in the third quarter of 2021 as it records a massive growth of 54.92 percent from the 21.12 percent in the second quarter of 2021.
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Metal Ores is a sub-sector under the mining and Quarrying sector.
The Air transport sector emerged as the third-best best performing sector in Q3’2021, growing 33.31 percent compared with slow growth of 4.98 percent in Q2’2021 and a contraction of 11.78 percent in Q2’2020.
The Financial Institutions sector also grew by a whopping 25.50 percent in Q3’21 compared with the negative growth of 4.54 percent in Q2’21.
The road transport sector completes the top five best performing sectors in the economy with a growth of 21.11 percent in Q3’21 but this is a slow growth when compared with 92.38 percent in the second quarter of 2021.
Other best performing sectors Q3, 2021 include:
- Financial And Insurance 23.23%
- Road Transport 21.11%
- Transportation And Storage 20.61%
- Water Transport 16.30 %
- Electricity, Gas, Steam And Air Conditioning Supply 14.36 %
- Water Supply, Sewerage, Waste Management, And Remediation 12.97 %
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What this means
Businesses and workers within the fastest-growing can have relative job security and might not be subject to panic sacking.
Also, because commercial banks typically use performance as a criterion, getting a loan can be a lot easier.
National Bureau of Statistics releases states' debt profile
Meanwhile, Legit.ng previously reported that the NBS had released the total amount owed each state as of the end of the year 2020.
The agency's report showed that Lagos state accounted for 12.15 percent of the debt stock as of the end of 2020 while Jigawa state had the least debt stock in this category with a contribution of 0.74 percent.
In addition, the agency also revealed the states and their current debt profile with Abia at N89.12bn (2.13 percent); Adamawa, N98.9bn (2.36 percent); Akwa Ibom, N230.8bn and Anambra, N59.97bn.