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Wednesday, November 30, 2022

Nigerians have reason to be hopeful as Nigeria’s economy grows

According to a GDP report issued by the National Bureau of Statistics (NBS) on Thursday on Nigeria’s economy; Nigeria’s Gross Domestic Product (GDP) increased by 3.98% in the fourth quarter of 2021. 

This is the fastest rate of GDP growth since President Muhammadu Buhari took office in 2015. 

But, more crucially, the figure exceeds Nigeria’s population growth rate of 2.5%. The economy grows when GDP growth exceeds population increase, and many people are lifted out of poverty. 

Professor of Economics Ken Ife noted that it was a sign that the Federal Government’s programs and investments were beginning to have an influence on Nigerians’ lives.  

According to the World Poverty Clock, Nigeria’s economy is one of the world’s poorest countries, with 105 million people living in severe poverty.  

If a person’s income is less than $1.90 per day, they are considered to be in extreme poverty.  

Economists feel that Nigeria’s economic growth needs to be sustained for a long time in order to lift the bulk of individuals living in extreme poverty. 

The GDP data noted that the fourth quarter of 2021 had a solid recovery of 3.98%. The 2021 fourth quarter was also lower than the third quarter’s 4.03%.  

Nigeria’s economy worse than it was ten years ago under Buhari – World Bank

“Nigeria’s Gross Domestic Product (GDP) increased by 3.98% in real terms in the fourth quarter of 2021. This marked it the fifth consecutive quarter of positive growth since the recession of 2020,” the report stated. 

“Growth in the fourth quarter forecasts a solid economic rebound in 2021, with annual growth of 3.40%.”  

“The Q4 2021 growth rate was 3.87% greater than the 0.11% growth rate recorded in Q4 2020. A recorded 0.05% lower than the 4.03% growth rate reported in Q3 2021. Nonetheless, GDP rose to 9.63% quarter over in Q4 2021 compared to Q3 2021, indicating more economic activity than the previous quarter.” 

According to the report, aggregate GDP was N49.27 trillion in nominal terms in Q4.  

“This result is better than the fourth quarter of 2020, where aggregate GDP was N43,564,006.29 million; the 2020 fourth quarter reflected a nominal growth rate of 13.11% year over year. The nominal GDP growth rate in Q4 2021 was greater than the 10.07% growth rate in the fourth quarter of 2020 but lower than the 15.41% growth rate in the previous quarter,” it said. 

“The nominal annual growth rate for 2021 was 13.92 per debt. Nigeria’s economy has been divided into two categories for clarity’s sake: oil and non-oil.”  

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