BUSINESS
Nigeria’s Economy Records 3.4% Growth in 2021, Strongest since 2014 – NBS
By Tony Obiechina, Abuja
The Nigerian economy grew by 3.98 per cent year-on-year in real terms in the fourth quarter of 2021, the National Bureau of Statistics disclosed on Thursday.
Statistician General of the Federation, Dr Simon Harry who revealed this at a press briefing in Abuja said, the economy has maintained a positive trajectory up to the 4th quarter of 2021.
” This figure to an average Nigerian may be seen lower than the 4.
03% growth rate recorded in Q3, 2021. However, analytically, it is not when viewed in terms of the base effect of the corresponding period in Q4 of 2020 when the economy recorded a GDP growth rate of 0.11% as against the growth rate recorded in Q3 of the same year which was -3.62%.Continuing, Harry said, “Imust state that the improvement being seen in the output growth in the last five quarters depicts a steady progress made in stemming the Covid-19 pandemic and the associated negative impact on livelihood, well-being, and the economy. Globally, many countries have witnessed an improvement in economic performances compared to 2020 when Covid-19 was endemic.
“Thus, economic recovery is a gradual process that requires consistent collective efforts to improve economic activities across the institutional sectors: Households, Non-profit Institutions Serving Households, Financial Corporations, Non-financial Corporations and the Government.
“However, in Nigeria the prospects of consolidating the recovery is glaring considering the improved economic performance over these periods of time. It is important to also mention that annual GDP growth of 2021 stands at 3.40%.
Summary of Fourth Quarter Gross Domestic Product Estimates”.
The Statistician General pointed out that in nominal terms, aggregate GDP stood at N49.28trillion in fourth quarter 2021, adding that “this performance is higher when compared to fourth quarter 2020 which recorded N43.56 trillion, indicating a year-on-year nominal growth rate of 13.11%”.
He also noted that Nominal Gross Domestic Product in the preceding quarter of Q3 2021 stood at N45.11 trillion. Annual Nominal Value in 2021 was N173.53trillion as against N152.32 trillion in 2020, showing a growth rate of 13.92%.
Explaining further, he said, in terms of real GDP which shows volume of economic activities, fourth quarter 2021 recorded N20.33 trillion, higher by N778.91 billion than N19.55 trillion recorded in fourth quarter 2020.
“This shows output growth of 3.98% in fourth quarter of 2021. Moreover, output of fourth quarter of 2021 was higher by N1.79 trillion compared to third quarter 2021 when aggregate real GDP was N18.54 trillion. Annual real value of 2021 stood at N72.39trillion compared to N70.01 trillion in 2020”, Harry added.
He said in terms of oil performance in the oil sector, an average daily oil production of 1.50 million barrels per day (mbpd) was recorded in fourth quarter of 2021, which shows a lower volume compared to 1.56mbpd recorded in Q4 2020 by 0.06mbpd.
Fourth quarter 2021 daily oil production also shows lower volume compared to the third quarter 2021 production volume of 1.57mbpd. This trend accounts for oil growth rate of -8.06% in real terms recorded in fourth quarter 2021 and annual growth rate of -8.30% in 2021. Additionally, during the fourth quarter 2021, oil contributed 5.19% to Gross Domestic Product from 5.87% contributed in fourth quarter 2020. On an annual basis, oil contributed 7.24% compared to 8.16% in 2020.
According to him, the Non-oil Sector, which excludes Crude Petroleum and Natural Gas activity, recorded growth of 4.73% in fourth quarter 2021 in real terms, an improvement from 1.69% reported in fourth quarter, 2020 revealing however, that growth rate of Non-Oil sector in third quarter 2021 performed better at 5.44%.
“Annual growth rate of 4.44% was recorded in 2021 as against -1.25% in 2020. Non-Oil accounted for 94.81%, an increase from 94.13% recorded in fourth quarter 2020, while annual contribution increased from 91.84% in 2020 to 92.76% in 2021.
Fastest growing activities in fourth quarter 2021″, he added.
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)
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