November 18, (THEWILL) – Nigeria’s Gross Domestic Product (GDP) growth rate slowed to 4.03% in the third quarter of the year (Q3 2021) from 5.01% in the previous quarter, the National Bureau of Statistics (NB) said on Thursday.
The GDP measures the country’s economic performance from time to time.
According to figures released by the NBS, the Nigerian economy grew at a rate of 5.01% in Q2 2021
The economy had shrunk by -6.1% in Q1 2020, when a total lockdown was imposed on major economic cities like Lagos, Abuja, and Ogun state.
It thereafter fell into a technical recession with a negative growth rate of -3.62% recorded in Q3 2021.
With the lifting of the COVID lockdowns in Q4 2020, economic growth became positive but fragile at 0.11%.
Based on the gains in Q4 2020, the economy expanded by 0.51% in Q1 2021.
The NBS statistician-general and chief executive, Dr. Simon Harry, had at a media briefing said the COVID-19 pandemic continues to negatively impact economic performance.