Nigeria’s Q3 2021 GDP performance… A look at what matters

Twenty-one months since the COVID-19 pandemic hit the Nigerian economy, the Q3 2021 Gross Domestic Product (GDP) data from the National Bureau of Statistics (NBS) suggest very impressive recovery trend. Real GDP reportedly grew by 4.0% year-on-year (YoY), compared to -3.6% in Q3 2020. The nominal GDP for Q3 2021 was also up 15.4% (YoY), compared to 3.9% in Q3 2020. On quarter-on-quarter (QoQ) basis, the real GDP grew by 11.1% (compared to -0.3% in Q2 2021), whilst nominal GDP also grew by 15.7% QoQ, better than the -2.2% recorded in Q2 2021. These are reflective of higher economic activity and sustained recovery. This report reviews the Q3 2021 GDP performance with a view to highlighting economic sectors that have remained resilient in the past four quarters, and implications for businesses and policy makers.