IMPRESSIVE STATISTICS ABOUT THE NIGERIAN ECONOMY SHOWS A CONSISTENT GROWTH
The Nigerian economy is at an impressive growth rate
There's a good news on Africa's largest economy Nigeria as it grew at an impressive 4.03 percent rate year-on-year in the third quarter (Q3) of 2021 after posting 5.01 percent in the second quarter, according to the latest data published by the National Bureau of Statistics (NBS) on Friday.
Despite the high inflation rate and a series of weak economic fundamentals, Nigeria is showing strong resilience, especially when compared to the peak of COVID-19 when Gross Domestic Product (GDP) contracted by 6.10 percent and 3.62 percent in the second and third quarter of 2020, respectively.
The economy has since rebounded from recession with 0.11 percent, 0.51 percent, 5.01 percent and 4.03 percent growth rates in Q4 2020, Q1 2021, Q2 2021 and Q3 2021, respectively. Aggregate GDP rose to N45.113 trillion in nominal terms, representing a 15.41 percent year-on-year growth rate from N39.089 trillion achieved in the third quarter of 2020.
To better understand Nigerian economic composition, it is important to take into consideration productivity in the oil and non-oil sectors.
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