Figures released by the National Bureau of Statistics on Thursday shows that national output expanded by 4.03 percent in the three months to September, compared to a growth of 5.01 percent in the three months to June.
The NBS, in its latest GDP report released by the Statistician-General of the Federation Simon Harry in Abuja, said the 4.03 percent GDP growth showed sustained positive growth over the last four quarters since the recession witnessed in 2020.
According to him, during the quarter, aggregate nominal GDP stood at N45.11tn, an increase of 15.41 percent over the performance in the corresponding period of 2020.
He explained that the base effect of the negative economic growth recorded in Q2 and Q3 2020 as a result of the pandemic contributed to the growth in GDP in 2021.
He added that the current growth trend could be sustained with strict adherence to safety measures put in place to control the spread of the COVID-19 pandemic and other variants of the disease.
Harry said the country recorded an average daily oil production of 1.57 million barrels per day in Q3 2021, up from 1.67 million BPD in the same period a year earlier and 1.61 million BPD in Q2 2021.
Figures released by the National Bureau of Statistics on Thursday show that national output expanded by 4.03 percent in the three months to September, compared to a growth of 5.01 percent in the three months to June.
The NBS, in its latest GDP report released by the Statistician-General of the Federation Simon Harry in Abuja, said the 4.03 percent GDP growth showed sustained positive growth over the last four quarters since the recession witnessed in 2020.
He said during the quarter, aggregate nominal GDP stood at N45.11tn, an increase of 15.41 percent over the performance in the corresponding period of 2020.
He explained that the base effect of the negative economic growth recorded in Q2 and Q3 2020 as a result of the pandemic contributed to the growth in GDP in 2021.
He added that the current growth trend could be sustained with strict adherence to safety measures put in place to control the spread of the COVID-19 pandemic and other variants of the disease.
Harry said the country recorded an average daily oil production of 1.57 million barrels per day in Q3 2021, up from 1.67 million BPD in the same period a year earlier and 1.61 million BPD in Q2 2021.
