Nigeria’s GDP slows to 4.03% in Q3

Nigeria’s economy maintained a positive growth trajectory in the third quarter of 2021, recording a 4.03percent growth.

But the reported growth is slower than the massive 5.01percent GDP recorded in the previous quarter, indicating that the base effect from last year may be waning.

This is the fourth quarter of positive growth since the 2020 recession which was exacerbated by the impact of the Covid 19 pandemic on Africa’s largest economy.

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Output had contracted by -6.10percent and -3.62percent in Q2 and Q3 of 2020 under the Covid pandemic.

The National Bureau of Statistics (NBS) which announced the new GDP numbers in its latest report on Thursday said the Q3 2021 growth rate was higher than the -3.62percent growth rate recorded in Q3 2020 by 7.65percent points but lower than 5.01percent recorded in Q2 2021 by 0.98percent points, indicative of a continuous recovery.

“Nevertheless, quarter on quarter, real GDP grew at 11.07percent in Q3 2021 compared to Q2 2021, reflecting a higher economic activity than the preceding quarter.”

Onyinye Nwachukwu

Onyinye Nwachukwu is the Abuja Bureau Chief of BusinessDay, overseeing coverage across Abuja and Northern Nigeria. With more than two decades of experience in economic and financial journalism, she reports on business, policy, and market trends, linking local developments to the global economy. A fellow of the International Monetary Fund (IMF) and recipient of the P. Vishwanathan Memorial Award for Excellence in Financial Journalism, she is known for her insightful storytelling and interviews with senior policymakers, diplomats, and business leaders. Well traveled and globally minded, Onyinye brings depth and international perspective to her reporting.