Nigeria’s Economy increases by 3.40% in 2021, Strongest Growth Under President Buhari: Here Is How It Happened

Nigeria’s Economy increases by 3.40% in 2021, Strongest Growth Under President Buhari: Here Is How It Happened

  • Nigeria's Gross Domestic Product (GDP) which is used as a yardstick to determine the performance of the economy recorded an annual growth of 3.4% in 2021
  • This is the strongest level the economy has expanded under the administration of President Muhammdu Buhari
  • The 2021 impressive figure means the economy for the first time in two years has recorded a consecutive quarterly growth rate

Nigerian economy for the first time in seven years and under the administration of President Muhammadu Buhari is ending the year with economic growth of 3 per cent.

The National Bureau of Statistics (NBS) released its latest GDP report for the fourth quarter on Thursday, 17 February 2022, revealing that Nigeria's economy increased by 3.4 per cent in 2021.

According to the report, the GDP also posted a strong recovery of 3.98 per cent in the fourth quarter of 2021 — but lower than the 4.03 per cent in the third quarter.

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Nigeria’s Economy Grow By 3.4% In 2021, Strongest Growth Under President Buhari: Here Is How It Happened
GDP infographics Credit: NBS
Source: Twitter

The 3.40% growth in 2021 means for the first time since 2015 Nigeria's economy grew faster than the estimated Nigeria's population growth rate of 2.7 percent.

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Part of the report reads:

“Nigeria Gross Domestic Product (GDP) grew by 3.98%(year-on-year) in real terms in the fourth quarter of 2021, showing a sustained positive growth for the fifth quarter since the recession witnessed in 2020 when output contracted by -6.10% and -3.62% in Q2 and Q3 of 2020 under the Covid pandemic."
“The fourth quarter growth indicates a steady economic recovery accounting for annual growth of 3.40% in 2021.
“The Q4 2021 growth rate was higher than the 0.11% growth rate recorded in Q4 2020 by 3.87% points and lower than 4.03% recorded in Q3 2021 by 0.05% points. Nevertheless, quarter on quarter, real GDP grew at 9.63% in Q4 2021 compared to Q3 2021, reflecting a higher economic activity than the preceding quarter.”

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The report also showed that in Q4, aggregate GDP stood at N49.27 million in nominal terms, the Cable reports.

It added:

“This performance is higher when compared to the fourth quarter of 2020 which recorded aggregate GDP of N43,564,006.29 million, indicating a year-on-year nominal growth rate of 13.11%.
The nominal GDP growth rate in Q4 2021 was higher relative to 10.07% growth recorded in the fourth quarter of 2020 but lower compared to 15.41% growth recorded in the preceding quarter"
“The 2021 annual nominal growth stood at 13.92%. For better clarity, the Nigerian economy has been classified broadly into the oil and non-oil sectors.”

Here are the five performing sectors in 2021

According to the report, these are the five best performing sectors in the 24 months of 2021

  • Rail Transport & Pipelines - 36.95%
  • Metal Ores- 34.19%
  • Electricity, Gas, Steam And Air Conditioning Supply - 27.57%
  • Coal Mining- 25.75%
  • Air Transport: 19.70%

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United Kingdom lead, China 18th as foreign investors bring N714.8bn into Nigeria has reported that the National Bureau of Statistics has disclosed Nigeria attracted $1.73 billion from foreign investors, companies in the third quarter of last year (Q3’21).

The amount is a 97 per cent improvement from the $875.62 million reported in the second quarter of 2021.

NBS gave the numbers in its released Capital Importation Report for Q3’21 on Thursday, 7 January 2021.


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