Nigeria’s Gross Domestic Product (GDP), according to the NBS’s recent report, grew by 4.03% (year-on-year) in real terms in the third quarter of 2021.
The report has caused a lot of controversies as the country’s major source of revenue declined compared to the preceding quarter, where it contributed 8.73 per cent and 7.42 per cent respectively.
Techeconomy.ng, following up on the report, in this article will highlight five major points you properly don’t know below:
1. Non oil sector: In real terms, the non-Oil sector contributed 92.51% to the nation’s GDP in third quarter 2021, higher from the share recorded in the third quarter of 2020 which was 91.27% and lower than the second quarter of 2021 recorded as 92.58%.
2. Manufacturing sector: In real terms grew by 4.29% year-on-year in Q3 2021 compared to a contraction of 1.51% recorded in the corresponding period of 2020.
3. Agriculture contribution to the nation’s GDP increased from 23.78% recorded in the previous quarter to 29.94% in the review period. When compared to the corresponding period of 2020, it however reduced by 0.83% points from 30.77% recorded in Q3 2020.
4. Financial and Insurance sector grew by 23.23% from a decline of 2.48% recorded in Q2 2021 and 3.21% growth recorded in the corresponding period of 2020.
5. Oil sector contributed 7.49 per cent to total real GDP in the quarter, down from figures recorded in the corresponding period of 2020 and up compared to the preceding quarter, where it contributed 8.73 per cent and 7.42 per cent respectively.
Earlier, Techeconomy.ng reported that the ICT sector contributed N8.13tn to real GDP in the nine months to September 2021, according to data collated from the NBS’ reports.
The sector, according to the NBS, is composed of the four activities of telecommunications and information services; publishing; motion picture, sound recording and music production; and broadcasting.
In Q1, the country’s real GDP was N16.83tn, with the ICT sector recording a growth rate of 6.47 per cent in real terms, year on year, and contributing 14.91 per cent to real GDP.
The real GDP dropped to N16.69tn in Q2, with the ICT sector recording a growth rate of 5.55 per cent in real terms and contributing 17.92 per cent to real GDP.