Nigeria’s Gross Domestic Product, GDP, has slowed to 4.03% in the third quarter of the year 2021 from 5.01% in previous quarter.
This was made known by the National Bureau of Statistics on Thursday.
Nigerian economy grew at a rate of 5.01% in Q2 2021, according to figures released by the National Bureau of Statistics (NBS).
Nigeria’s economy shrunk by -6.1% in Q1 2020, when a total lockdown was imposed on major economic cities like Lagos, FCT, and Ogun state.
The economy 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.