Non-oil sector grows 4.73% on its own
By Jeph Ajobaju, Chief Copy Editor
Gross Domestic Product (GDP) rose 3.98 per cent in the fourth quarter of 2021 (Q4 2021), sustaining a growth trajectory for the fifth straight quarter since 2020, according to the latest report of the National Bureau of Statistics (NBS).
Non-oil sector grew 4.73 per cent in Q4 2021 on its own and contributed 94.81 per cent to GDP on the back of growth in Agriculture, Trade, Information and Communication, and Financial and Insurance.
GDP growth in Q4 2021 was higher than 3.87 per cent in Q4 2020 by 0.11 points but lower than 4.03 per cent in Q3 2021 by 0.05 points.
Real GDP grew 9.63 per cent in Q4 2021 compared with Q3 2021, reflecting a higher economic activity.
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Sectoral performance
The report said oil sector grew 8.06 per cent year-on-year (YoY) in Q4 2021, an increase by 11.71 points above Q3 2020. It increased 2.68 points against 10.73 per cent in Q3 2021.
Average daily oil output was 1.50 million barrels per day (mbpd) in Q4 2021, lower than the daily average of 1.56 mbpd in Q4 2020 by 0.06 mbpd and by 1.57 mbpd in Q3 2021.
Non-oil sector grew 4.73 per cent in Q4 2021, which was 0.71 points lower than Q3 2021 but 3.05 points higher than Q4 2020, per reporting by Nairametrics.
Non-oil growth in Q4 2021 was driven mainly by
- Agriculture (crop production)
- Trade
- Information and Communication (Telecommunication)
- Financial and Insurance (Financial Institutions)
Non-oil sector contributed 94.81 per cent to GDP in Q4 2021, higher than
- 92.51 per cent in Q3 2021
- 94.13 per cent in Q4 2020
Contribution of the sector to GDP in entire 2021 was 92.76 per cent.
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