The recently released Gross Domestic Product (GDP) figures for Q3:2021 by the National Bureau of Statistics (NBS) reports real GDP to have expanded by 4.03% YoY. This marks the fourth consecutive quarter of growth after exiting recession in Q4:2020. Total real GDP for the quarter stood at NGN18.54trn (vs NGN17.82trn in Q3:2020) as non-oil GDP expanded (+5.44%% YoY), while oil GDP contracted (–10.73% YoY). Although the growth number was flattered by the steep contraction in Q3:2020 (when real GDP declined by 3.62% YoY), the financial institutions and insurance sectors, which had in the past two quarters contracted by 0.46% and 2.48% respectively, joined the league of growth drivers. Other growth drivers include the agriculture (+1.22%YoY), Information & Telecommunication (+9.66% YoY), Manufacturing (+4.29% YoY), and Trade (+ 11.90 % YoY). The oil sector growth remained negative due to lower oil production in the quarter (1.57mbpd), compared to Q3:2020 (1.67mbpd).
