“The Q4 2021 growth rate was higher than the 0.11 per cent growth rate recorded in Q4 of 2020 by 3.87 per cent points and lower than 4.03 per cent recorded in Q3 of 2021 by 0.05 per cent points.
The report said real growth of the oil sector was 8.06 per cent year-on-year in Q4 of 2021, indicating an increase by 11.71 per cent points relative to the rate recorded in the corresponding quarter of 2020.
It said growth increased by 2.68 per cent points when compared to Q3 of 2021 which was 10.73 per cent.
The report revealed that the non-oil sector grew by 4.73 per cent in real terms during Q4 of 2021.
“This rate was higher by 3.05 per cent point compared to the rate recorded same quarter of 2020 and 0.71 per cent point lower than the third quarter of 2021.”
The report showed that services recorded the highest year-on-year growth rate of 5.58 per cent in the fourth quarter of 2021, followed by agriculture with 3.58 per cent, while industry had -0.05 per cent.
On the contribution to total GDP, the NBS said agriculture contributed the most to GDP with 26.84 per cent, followed by Trade with 15.66 per cent and Information and Communication with 15.21 per cent.
” The activity that contributed the least was Administrative and Support Services with 0.02 per cent.
“This is followed by Water Supply, Sewerage, Waste Management and Remediation with 0.16 per cent and Arts, Entertainment and Recreation with 0.20 per cent.”
Data on foreign trade revealed that in Q4 of 2021, Nigeria’s Total Merchandise Trade stood at N11,707.20 billion, 74.71 per cent higher when compared to the value recorded in Q4, 2020.
It said export trade in Q4 of 2021 stood at N5.77 Trillion, indicating an increase of 12.27 per cent over the preceding quarter and the value in 2021 also grew by 80.52 per cent over the corresponding period of 2020.
On the other hand, total imports stood at N5.94 trillion in Q4, 2021, indicating an increase of 11.33 per cent over the preceding quarter and 69.41 per cent over the corresponding period of 2020.
“Export trade by region in Q4 of 2021 shows that Nigeria exported most products to Europe with goods valued at N2,408.39 billion or 41.76 per cent of total exports.
“Asia was N1,875.56 billion, or 32.52 per cent of total exports and Africa was N773.83 billion or 13.42 per cent of total exports, of which N250.52 billion worth of goods were exported to ECOWAS countries.
“Exports to America amounted to N702.74 billion or 12.19 per cent of total exports. ”
The report revealed that during Q4 of 2021, Nigeria imported goods mainly from Asia, valued at N2,743.76 billion or 46.19 per cent of total imports.
“This was followed by Europe at N2,422.41 billion or 40.78 per cent, America at N571.70 billion or 9.62 per cent, Africa at N161.47 billion or 2.72 per cent and Oceania at N41.24 billion or 0.69 per cent. ”
It said that imports from ECOWAS countries accounted for N35.76 billion, or 0.6 per cent of the value of total imports.
“With goods valued at ₦874.86 billion or 15.17 per cent, ₦789.23 billion or 13.69 per cent, ₦485.35 billion or 8.42 per cent, ₦425.85 billion or 7.38 per cent, and ₦ 288.10 billion or 5.0 per cent of export trade.
“These five countries collectively accounted for 49.65 per cent of the value of total exports in Q4, 2021.”
The NBS said the sectoral share of imports for Q4 of 2021, showed that 50.51 per cent were manufactured goods, followed by other petroleum oil products with 28.60 per cent.
“Agricultural goods contributed 11.23 per cent of total imports, while raw material goods contributed 9.16 per cent. Solid minerals contributed the least with 0.50 per cent.”
Data on Exports by sector showed that in Q4 of 2021, crude oil accounted for 74.04 per cent of total exports.
“Manufactured goods, raw material goods and agricultural goods contributed 6.86 per cent, 4.31 per cent and 2.30 per cent, respectively to total exports.
“Energy goods contributed 0.36 per cent, while solid Mineral goods contributed the least with 0.24 per cent to total exports.”
On capital importation, the report said the total value of capital importation into Nigeria in the fourth quarter of 2021 stood at 2,187.63 million dollars from 1,731.37 million dollars in the preceding quarter showing an increase of 26.35 per cent.
“The largest amount of capital importation by type was received through other investment, which accounted for 54.24 per cent (1,186.53 million dollars).
“This was followed by Portfolio Investment with 29.39 per cent (642.87 million dollars) and Foreign Direct Investments (FDIs) amounted to 16.38 per cent (358.23 million dollars) of total capital imported in Q4 2021.”
The report said capital importation by sector, revealed that tanning had the highest inflow of 645.59 million dollars amounting to 29.51 per cent of total capital imported.
This was followed by capital imported into the production sector, valued at 360.06 million dollars (16.46 per cent ) and the electrical sector with 325.55 million dollars (14.88 per cent).
Capital Importation by country of origin reveals that Mauritius ranked top as source of capital imported into Nigeria in the fourth quarter of 2021 with a value of 611.45 million dollars, accounting for 27.95 per cent.
In March 2022, inflation increased to 15.92 per cent on year-on-year basis. This is 2.25 percentage points lower compared to the rate recorded in March 2021 (15.70 per cent).
“The composite food index rose by 17.20 per cent year-on-year in March 2022, indicating a healthier rate than in March 2021 which was a 22.95 per cent rise.”
The report said the urban inflation rate increased to 16.44 per cent year-on-year in March 2022 from 18.76 per cent recorded in March 2021.
It added that the rural inflation rate increased to 15.42 per cent in March 2022 from 17.60 per cent in March 2021.
Data on social statistics according to the report revealed that in the area of health, cholera was the most reported disease in 2018 both for males and females, followed by measles, while Lassa fever was the least.
However, in 2019 and 2020, reported cases of measles were highest for both males and females, with 46,317 and 17,000 cases respectively.
The report said this was followed by yellow fever, while Lassa fever and cerebrospinal meningitis were the least.
“In terms of reported deaths, cholera claimed the majority of lives in 2018 for both sexes, followed by cerebrospinal meningitis while yellow fever had the least.
“Lassa Fever recorded the highest cases of deaths in 2019 to 2020, with 174 and 244 reported deaths respectively, while cerebrospinal meningitis recorded the lowest with 25 and 9 deaths, respectively. ”
In Education, the report revealed that female enrolment in adult literacy education was more than male in 2018, while in 2019 and 2020 male enrolment was more than female.
- Flying Eagles win 3-1 to lift WAFU title
- Nigeria, Cote d’Ivoire to deepen bilateral relations
- Sanctions against Russia: WTA joins ATP in stripping Wimbledon of ranking points
- Party Primary: APC delegates vow to vote credible leaders
- Player’s eligibility: Delta Queens file petition against Bayelsa Queens
- Education, short road to peace, freedom—NIREC
- Gov. Matawalle urges traditional rulers to tackle insecurity in Zamfara
- Old boys budgets N1bn to fix infrastructure for Alma Mater
- NGX: Market capitalisation dips by N159bn
- OGP :15 states yet to sign up for responsive governance — Minister
- Afreximbank, APPO sign MoU to establish African Energy Transition Bank
- Nigeria prioritises migration governance in devt plans, inaugurates humanitarian hub – Commissioner
- 2023: Amosun pledges to improve date palm production for exportation
- NCoS Controller advises officers to show good character, be dedicated
- FG wants NAICOM to institute mechanism for prompt claims payment
- 2023: PDP urges INEC to accelerate voter registration
- Outgoing CIBN president tasks banks on technology
- Governance: Group engages stakeholders on LG procurement processes
- Buhari greets industrialist, Lawal Obelawo at 92
- Switzerland: President Cassis receives Kenyan President Uhuru Kenyatta
- Gov. Sanwo-Olu, NAN correspondent receive tourism awards
- Radio News Release (Soundbite): African Development Bank President Akinwumi Adesina says the African Emergency Food Production Facility will provide 20 million African smallholder farmers with certified seeds
- ‘Armed men kidnap’ 3 Italians and a Togolese in Mali
- Buhari appoints new Statistician-General for NBS
- Customs Strike force Team “B” seizes goods worth N148.5 m
- Radio News Release (Soundbite): African Development Bank President Akinwumi Adesina says Africa’s access to fertilizers should not face the same constraints as the case was for Covid-19 vaccines
- 2023 Election: Yero urges Party to consider him first during primaries
- Flood: NEMA releases disaster risk management report, harps on early action
- Radio News Release (Soundbite): Transparent subsidy mechanisms need to be put in place in order to provide African farmers with affordable fertilizers, says African Development Bank President, Akinwumi Adesina
- KDSG establishes family court to handle cases involving minors
- Radio News Release (Soundbite): Food shortages in Africa could lead to high instability, including riots or toppling governments, warns African Development Bank President, Akinwumi Adesina
- NEM Insurance generates N27.8bn gross premium in 2021
- Radio News Release (Soundbite): Heat-tolerant wheat varieties helped Ethiopia stop wheat imports and become a net wheat exporter, says African Development Bank President Akinwumi Adesina
- Police arrest 6 suspected killers of Imoh, 7 others in Lagos
- Radio News Release (Soundbite): The African Development Bank helped Sudan reduce its wheat imports by 50% thanks to drought-tolerant seeds, says African Development Bank President Akinwumi Adesina
- U.S. Consulate trains 30 youths on fashion design enterpreneurship
- Re-position insurance industry to attract investors – Minister urges NAICOM
- EKSG: Reports alleging financial recklessness against Gov. Fayemi misleading
- We will raise $662m in 5 years for HIV/AIDS financing — Group
- Group trains 200 developers on Web monetisation using invented Yoruba security software
- 2023: I’ll restructure Nigeria if elected, Tambuwal tells Delta delegates
- African Development Bank Board approves $1.5 billion facility to avert food crisis
- 26 boxers fight for honours in Lagos
- NEPC trains 125 soybeans farmers on modern techniques to boost production
- Strike: LAUTECH ASUU dissociates self from resumption notice
- Air pollution: Lagos Govt. charges residents to obey guidelines
- Group calls for more participation of girls in ICT careers
- Buhari joins prayers for late UAE President
- Rep trains, empowers 800 youths, women in Sokoto
- First Lady condoles UAE over president’s death