Nigeria GDP rate falls in Q3 2021

According to the reports released by the National Bureau of Statistics, Nigeria’s economy fell to 4.03% in the third quarter of the year.

Why it matters.
In the second quarter of the year, the Gross Domestic Product was 5% but recent indications show that this rate has fallen to 4.03% in the third quarter.

The Statistician-General of the National Bureau of Statistics, while speaking on Thursday, said that in the third quarter the aggregate Gross Domestic Product stood at 45.11 trillion in nominal terms. This is an increase of 15.41 per cent from its performance in the year 2020.

The Statistician-General further explained that the most obvious result of the poor economic growth rate recorded in the second and third quarter of 2020 is because of the global pandemic that hit the country. He also added that the effects of COVID-19 are still being seen in 2021.

He stressed that to continue this growth trend, the country must adhere to strict Covid regulations and safety protocols put in place to control the spread of the COVID-19 pandemic and other variants of the disease.

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