The National Bureau of Statistics says Nigeria’s GDP grew by 3.98% in Q4 2021, sustaining a positive trajectory.
But the general consensus by most Nigerians is that GDP growth and even drop in inflation have not left Nigerians better off, but that living condition continue to deteriorate.
“Nigeria Gross Domestic Product (GDP) grew by 3.98%(year-on-year) in real terms in the fourth quarter of 2021, showing a sustained positive growth for the fifth quarter since the recession witnessed in 2020 when output contracted by -6.10% and -3.62% in Q2 and Q3 of 2020 under the COVID pandemic.
For weeks, the country has faced fuel shortage caused by the importation of low standard petrol into the country.
In Abuja, black market petrol sold as high as N700 a litre on Wednesday as motorists spent hours at fuel stations trying to buy the product for their cars and generators.
Similarly, in Lagos motorists continue to spend hours at filling stations and paying their way through for the elusive Petroleum product.
With Nigeria’s perpetually poor electricity supply, millions of residents rely on generators for power.
Amidst the continuing scarcity, several residents districts in Abuja and Lagos reported electricity outages.
The Abuja Electricity Distribution Company (AEDC) said in a message to customers on Wednesday: “Dear Customer, please note that the interruptions of electricity supply you are currently experiencing is due to the instability of supply from the National Grid due to low Generation.”
“We appeal to you to be patient as all stakeholders are working hard to restore system stability. For enquiries, call 08039070070,” the message read.
In a similar statement to customers, the Eko Electricity Distribution Company (EEDC), which is responsible for parts of Lagos, said on its official twitter handle, ” Dear customer, the present outage on Agbara 33KV Feeder is due to an accident along Badagry Express Road damaging 19 of our poles.”
Dear Customer, Kindly be informed that there would be an interruption in Power Supply AKUTE 33KV FEEDER Date: Thursday, February 10th,2022. Time: 11:00 -15:00.Duration:4:00 hours to enable our Engineers carry out line tracing. Supply would be restored as soon as the maintenance is completed. Thank you for allowing us to serve you.
Nevertheless, the report noted that quarter on quarter, real GDP grew at 9.63% in Q4 2021 compared to Q3 2021, reflecting a higher economic activity than the preceding quarter. In the quarter under review, aggregate GDP stood at N49,276,018.23 million in nominal terms.
This performance is higher when compared to the fourth quarter of 2020 which recorded aggregate GDP of N43,564,006.29 million, indicating a year-on-year nominal growth rate of 13.11%.
The nominal GDP growth rate in Q4 2021 was higher relative to 10.07% growth recorded in the fourth quarter of 2020 but lower compared to 15.41% growth recorded in the preceding quarter. 2021 annual nominal growth stood at 13.92%.
A further breakdown of the report showed that in the fourth quarter of 2021, Nigeria recorded an average daily oil production of 1.50 million barrels per day (mbpd), lower than the daily average production of 1.56 mbpd recorded in the same quarter of 2020 by 0.06mbpd and lower than the third quarter 2021 production volume of 1.57mbpd by 0.07mbpd.
The non-oil sector grew by 4.73% in real terms during the reference quarter (Q4 2021).
This rate was higher by 3.05% point compared to the rate recorded same quarter of 2020 and 0.71% point lower than the third quarter of 2021.
This sector was driven in fourth quarter 2021 mainly by Agriculture (crop production); trade; Information and Communication (Telecommunication); and Financial and Insurance (Financial Institutions), accounting for positive GDP growth. In real terms, the Non-Oil sector contributed 94.81% to the nation’s GDP in fourth quarter 2021, higher from share recorded in the fourth quarter of 2020 which was 94.13% and higher than the third quarter of 2021 recorded as 92.51%.
The annual contribution in 2021 was 92.76%.