In the most recent report released by National Bureau of Statistics (NBS), the Nigerian economy grew by 3.40 percent in the full year 2021 compared to a contraction of 1.92 in 2020.
This growth is the highest Africa’s biggest economy has recorded since 2014 when it recorded a growth of 6.3 percent.
“Nigeria Gross Domestic Product grew by 3.98 percent (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 per cent and 3.62 percent in Q2 and Q3 of 2020 under the Covid pandemic,” the report stated.
According to the report, these are the best performing sectors in the fourth quarter of 2020.
Best performing sectors
Rail transport and pipeline
The rail transport and pipeline emerged as the best performing sector in 2021, growing 36.9 percent compared to a contraction of 33.64 percent in 2020.
In the fourth quarter of 2021, the sector grew 37.7 percent compared to a contraction of 11.9 percent in 2020.
Metal Ores
The metal ores sector took the second spot of top performers, growing by 34.19 percent in 2021 compared to a contraction of 33.6 percent in 2020 and a growth of 37.7 percent in the fourth quarter of 2021.
Electricity, Gas, Steam and Conditioning supply
The electricity, gas, steam and condition supply emerged as the third best performing sector in 2020, growing by 27.57 percent compared to a contraction of 2.90 percent in 2020.
Coal Mining
Coal mining recorded a growth of 25.7 percent, bouncing back from a decline of 20.90 percent recorded in 2020 and a growth of 62.91 recorded in the fourth quarter of 2020.
This sector grew 0.66 percent, 34.14 percent and contracted by 4.20 percent in the first, second and third quarter of 2020 respectively.
Air Transport
As travelling restrictions eased in 2021, the air transport sector has seen a recovery. The sector grew 19.70 percent in 2021, recovering from a contraction of 36.9 percent in 2020.
The air transport sector declined by 11.7 percent in the first quarter of 201 and grew 4.98 percent, 33.1 percent and 63.05 percent in the second, third and fourth quarter respectively.
Worst performing sectors in 2021
While some sectors remained resilient and drove GDP growth in the year 2021, others were laggards.
Oil refining
Oil refining contracted by 47.94 percent in 2021 compared to a contraction of 62.22 percent in the previous year, and a contraction of 43.94 recorded in the fourth quarter of 2020.
The oil sector contracted 8.06 percent in 2021 compared to a contraction of 1.25 percent in 2020.
Nigeria’s oil production declined to 1.50 million barrels a day in the fourth quarter of 2021 from 1.57 million a day in the third quarter.
Africa’s top crude producer has not benefited from rising oil prices nearing $100 as it is battling to increase its oil production.
Crude petroleum and natural gas
The crude petroleum and natural gas recorded a contraction of 8.30 percent in 2021, compared to a contraction of 8.89 percent.
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The sector also contracted 2.21 percent, 12.65 percent, 10.73 percent and 8.06 percent in the first, second, third and fourth quarter of 2021 respectively.
Mining and Quarrying
Mining and quarrying also contracted by 7.79 percent in the full year 2021 compared to a contraction of 8.54 in 2020, and a contraction of 6.16 percent in the fourth quarter of 2021.
Wood and wood products
The wood and wood product sector also contracted by 1.54 percent in 2021, after also contracting by 4.29 percent in 2020, and contracting 4.82 percent in Q4’2020.
Textile apparel and footwear
The textile apparel and footwear sector contracted by 1.27 percent in full-year 2020 compared to a contraction of 7.59 percent in 2020 and a contraction of 2.37 percent in the fourth quarter of 2020.
Education sector
The education sector came out of recession in the second quarter of 2021, after contracting for 5 consecutive quarters since Q2 2020.
However, the sector recorded a contraction of 0.75 percent in 2021 compared to a contraction of 13.57 percent in 2020.
