National Bureau of Statistics Gives Details of Nigeria's GDP Growth
- The Nigerian economy seems to be recovering from the effects of the COVID-19 pandemic which affected the globe
- The National Bureau of Statistics has said that the nation's GDP grew by 4.03 per cent in the third quarter of the year
- According to the NBS, the prospect of full recovery for Nigeria's economy is glaring and would be made public as it progresses
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Abuja - The statistician-general of the federation and chief executive officer of the National Bureau of Statistics (NBS), Simon Harry, has said that Nigeria's Gross Domestic Product (GDP) grew by 4.03 per cent in the third quarter of 2021.
Harry while briefing journalists on Thursday, November 18, said the negative figure recorded with Nigeria's GDP in 2020 is as a result of the COVID-19 pandemic which affected the globe.
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Daily Trust reports that Harry said the pandemic had serious base effects on the GDP figures for quarters two and three of 2021.
Harry said:
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“You will recall that the contraction of quarters two and three of 2020 has resulted in positive growth as recorded consecutively for the last three-quarters of quarter four, 2020 with 0.11%, quarter one, 2021 with 0.51% and quarter two, 2021 with 5.01%."
Nigeria recovering from the effects of the COVID-19 pandemic
The Nation also reports that the NBS noted that the base effect continued to quarter three of 2021 recording a growth of 4.03 per cent.
Noting that the growth recorded in the last quarter of the year shows the steady progress curtailing the effect of the COVOD-19 pandemic, Harry said such can be a contribution to the negative effect on the economy and citizens well-being.
He said:
“Globally, many countries have witnessed an improvement in economic performances compared to 2020 when COVID-19 was endemic."
“However, in Nigeria, the prospect of full recovery is glaring, provided the current trend of improved economic performance is sustained in the rest of the year and beyond."
“It is important to also mention that annual GDP growth of 2021 stands at -1.92 per cent."
National Bureau of Statistics releases states' debt profile
Meanwhile, Legit.ng previously reported that the NBS had released the total amount owed each state as of the end of the year 2020.
The agency's report showed that Lagos state accounted for 12.15 per cent of the debt stock as of the end of 2020 while Jigawa state had the least debt stock in this category with a contribution of 0.74 per cent.
In addition, the agency also revealed the states and their current debt profile with Abia at N89.12bn (2.13 per cent); Adamawa, N98.9bn (2.36 per cent); Akwa Ibom, N230.8bn and Anambra, N59.97bn.
PDP accuses APC of lying to Nigerians
Also, the Peoples Democratic Party (PDP) had accused the ruling All Progressives Congress (APC) of lying to Nigerians.
The opposition said the APC deceived many Nigerians about the federal government's many job creation initiatives.
The party also said that the NBS's report on the growing rate of unemploying in the country proves that the APC-led government has not been sincere with its activities in this regard.
Source: Legit.ng
