NBS: Nigeria’s GDP Fall’s To 4.03% In Q3

Nigeria, Others Slow Africa’s GDP Growth By 65% – Report
Nigeria, Others Slow Africa’s GDP Growth By 65% – Report

In line with the data from the National Bureau of Statistics (NBS), the nation’s economy is growing at a slow rate in the third quarter of this year than it did in the second.

According to the Statistician- General of the Federation, Simon Harry, he disclosed this yesterday stating that the Gross Domestic Product growth rate fell to 4.03 per cent in Q3 from 5 per cent in Q2

“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”.

Harry also stated clearly that 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 also 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.