Federal finance and statistics / National Bureau of Statistics

Nigerian Gross Domestic Product Report (Expenditure and Income Approach) (Q3, Q4 2021)

Summary In the third quarter of 2021, Nigeria real GDP at basic prices grew by 4.03% on a year-on-year basis showing a steady improvement from the economic downturn in 2020. Growth however, improved further in fourth quarter 2021 with positive GDP growth rate of 3.98%. The negative quarterly growths in Q2 and Q3 2020 resulted in a recession, which led to a negative annual growth rate of -1.92% for 2020, compared to 2.27% in 2019 on a year-on-year basis. Annual growth of 2021 stood at 3.40%, an improvement of 2020. Compared to the third and fourth quarters of 2020, the performance in 2021 indic…