Nigeria’s GDP Growth Falls To 4.03% in Q3 – NBS reports

The nation’s economy grew more slowly in the third quarter of the year than it did in the second quarter.

Primebusiness.africa obtained this from the fresh report released by the National Bureau of Statistics on Thursday, November 18.

In the report, Simon Harry, Statistician- General of the Federation, announced that Gross Domestic Product growth rate fell to 4.03 per cent in Q3 from 5 per cent in Q2.

According to Harry, during the quarter, aggregate GDP stood at 45.11tn in nominal terms, an increase of 15.41 per cent over the performance in the corresponding period of 2020.

The Statistician- General of the Federation said the base effect of the negative economic growth recorded in Q2 and Q3 2020 as a result of the COVID-19 pandemic contributed to the growth in GDP in 2021.

He added that the current growth trend can be sustained with strict adherence to safety measures effected to control the spread of the COVID-19 pandemic and other variants of the disease.