The gross domestic product (GDP) of Nigeria, the largest economy on the African continent, grew by 3.98% year-on-year in real terms in the 4th quarter of 2021 according to data from the National Bureau of Statistics (NBS). Against an achievement of 4.03% in the previous quarter, and 3.87% in the 4th quarter of 2020.
This growth was driven in particular by the non-oil sector which grew by 4.73% in real terms between October and December 2021, against 3.05% recorded in the last quarter of 2020. It thus contributes 94.81% to the GDP of the country in the 4th quarter of 2021, compared to 92.51% in the 3rd quarter and 94.13% in the 4th quarter of 2020.
NBS data also indicates that Nigeria recorded, in 2021, a real GDP up by 3.4% in 2021, after a contraction of 1.92% in 2020. A level of growth that the country does not has achieved more since 2014, when the African giant saw its GDP grow by 6.22% year-on-year.
