February 25, 2022/Coronation Research

The latest national accounts released by the National Bureau of Statistics (NBS) show that GDP grew by 3.9% y/y in Q4 ’21 compared with 4.0% y/y recorded in Q3 ’21. For FY ’21, GDP grew by 3.4% y/y compared with a contraction of -1.92% y/y in 2020.

This growth can be partly attributed to improved harvest, steady progress in stemming the spread of the coronavirus, minimal disruptions to economic activities, CBN interventions, and positive base effects.

The oil economy contracted by -8.1% y/y in Q4 compared with a contraction of -10.7% y/y recorded in the previous quarter. For FY ’21, the sector contracted by -8.3% y/y compared with -8.9% y/y in 2020.

Meanwhile, the non-oil economy grew by 4.7% y/y in Q4 compared with 5.4% y/y recorded in Q3. For FY ’21, the non-oil economy grew by 4.4% y/y compared with a contraction of -1.3% y/ in 2020.

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