According to the NBS Statistics Quarterly Report, which was released in Abuja on Saturday, this is the case.
Nigeria’s GDP, foreign trade, capital imports, consumer price index, and social indicators are all included in the report.
Nigeria’s GDP increased by 3.98 percent in real terms in the fourth quarter of 2021, according to the data.
“This marked the fifth quarter of consistent expansion since the 2020 recession, when output declined by -6.10 percent and -3.62 percent in Q2 and Q3 of that year due to the COVID epidemic.”
INThe growth rate in Q4 2021 was 3.87 percentage points greater than the 0.11 percent rate in Q4 2020 and 0.05 percentage points lower than the 4.03 percent rate in Q3 2021.
“However, real GDP increased by 9.63 percent in Q4 2021 compared to Q3 2021, indicating more economic activity than the previous quarter.” According to the research, real growth in the oil sector was 8.06 percent year over year in Q4 of 2021, an increase of 11.71 percent points over the rate in the same quarter of 2020.
When compared to Q3 of 2021, when growth was 10.73 percent, it rose by 2.68 percent points.
According to the report, the non-oil sector grew by 4.73 percent in real terms in the fourth quarter of 2021.
“This rate was 3.05 percentage points greater than the same quarter of 2020 and 0.71 percentage point lower than the third quarter of 2021.”
Services had the highest year-on-year growth rate of 5.58 percent in the fourth quarter of 2021, followed by agriculture with 3.58 percent and industry with -0.05 percent, according to the report.
Agriculture contributed the most to total GDP, according to the NBS, with 26.84 percent, followed by trade (15.66 percent), and information and communication (15.21 percent).
Administrative and Support Services provided the least, accounting for 0.02 percent.
“Water supply, sewerage, waste management, and remediation come in second with 0.16 percent, and arts, entertainment, and recreation come in third with 0.20 percent.” According to data on foreign trade, Nigeria’s total merchandise trade in Q4 2021 was N11,707.20 billion, up 74.71 percent from Q4 2020.
It claimed export commerce in the fourth quarter of 2021 was N5.77 trillion, up 12.27 percent from the previous quarter, while the value increased by 80.52 percent over the same time in 2020.
Total imports, on the other hand, totaled N5.94 trillion in Q4 2021, up 11.33 percent from the previous quarter and 69.41 percent higher than the same time in 2020.
“Export trade by region in Q4 2021 shows that Nigeria exported the most items to Europe, accounting for N2,408.39 billion, or 41.76 percent of total exports.
“Asian exports accounted for N1,875.56 billion, or 32.52 percent of overall exports, while African exports accounted for N773.83 billion, or 13.42 percent of total exports, with N250.52 billion in items sold to ECOWAS members.”
“America accounted for N702.74 billion in exports, or 12.19 percent of overall exports.”
According to the report, Nigeria imported products worth N2,743.76 billion in Q4 2021, accounting for 46.19 percent of total imports. Europe came in second with N2,422.41 billion (40.78%), followed by America with N571.70 billion (9.52%), Africa with N161.47 billion (2.72%), and Oceania with N41.24 billion (0.69%).
Imports from ECOWAS countries contributed for N35.76 billion, or 0.6% of overall imports, according to the report.
The survey also stated that in the fourth quarter of 2021, Nigeria’s top export destination was India.
“India, Spain, France, the Netherlands, and Indonesia were the top five export destinations.”
“With export commerce valued at 874.86 billion, or 15.17 percent, 789.23 billion, or 13.69 percent, 485.35 billion, or 8.42 percent, 425.85 billion, or 7.38 percent, and 288.10 billion, or 5.0 percent.”
“In Q4, 2021, these five nations jointly accounted for 49.65% of total export value.”
The NBS said that manufactured items accounted for 50.51 percent of imports in Q4 2021, with other petroleum oil products accounting for 28.60 percent.
“With export commerce valued at 874.86 billion, or 15.17 percent, 789.23 billion, or 13.69 percent, 485.35 billion, or 8.42 percent, 425.85 billion, or 7.38 percent, and 288.10 billion, or 5.0 percent.”
“In Q4, 2021, these five nations jointly accounted for 49.65% of total export value.”
The NBS said that manufactured items accounted for 50.51 percent of imports in Q4 2021, with other petroleum oil products accounting for 28.60 percent.
“Agricultural commodities accounted for 11.23% of total imports, while raw materials accounted for 9.16%. Solid minerals made up 0.50 percent of the total.” Crude oil accounted for 74.04 percent of overall exports in Q4 2021, according to data on exports by sector.
“Total exports were made up of 6.86 percent of manufactured items, 4.31 percent of raw materials, and 2.30 percent of agricultural goods, respectively.”
“Energy items contributed 0.36 percent to overall exports, while solid Mineral goods contributed 0.24 percent.”
The overall value of capital importation into Nigeria in the fourth quarter of 2021 was 2,187.63 million dollars, up from 1,731.37 million dollars the previous quarter, a 26.35 percent rise, according to the data.
“Other investment got the most capital importation by category, accounting for 54.24 percent of total capital importation” (1,186.53 million dollars).
“Portfolio Investment accounted for 29.39 percent (642.87 million dollars) of total capital imported in Q4 2021, while Foreign Direct Investments (FDIs) accounted for 16.38 percent (358.23 million dollars).”
According to the data, tanning had the biggest capital inflow of $645.59 million dollars, accounting for 29.51 percent of total capital imported.
Capital imported into the production sector was valued at 360.06 million dollars (16.46%), followed by capital imported into the electricity sector at 325.55 million dollars (16.46%). (14.88 per cent).
Capital Importation by Country of Origin reveals that Mauritius was the main source of capital imported into Nigeria in the fourth quarter of 2021, accounting for 27.95 percent of total capital imports.
The United States of America and the Republic of South Africa were next, with respective values of 321.03 million dollars (14.67 percent) and 285.83 million dollars (13.07 per cent ).
The Consumer Price Index (CPI), which measures the average change in prices of goods and services purchased by individuals for day-to-day living, is used by the NBS to calculate inflation.
On a year-over-year basis, inflation reached 15.92 percent in March 2022. This is a 2.25 percentage point decrease over the rate in March 2021. (15.70 per cent).
“The composite food index increased 17.20 percent year over year in March 2022, showing a healthier rate than the 22.95 percent increase in March 2021.”
According to the NBS, the current food index is attributable to rising bread and cereal prices, which are partly due to the conflict in Ukraine.
According to the data, the annual rate of urban inflation increased to 16.44% in March 2022 from 18.76% in March 2021. The rural inflation rate increased to 15.42 percent in March 2022 from 17.60 percent in March 2021, according to the report.
According to the report’s sociological statistics, cholera was the most commonly reported disease in 2018 for both males and females, followed by measles, while Lassa fever was the least common.
Male and female cases of measles were highest in 2019 and 2020, with 46,317 and 17,000 cases reported, respectively.
According to the research, yellow fever was the next most common, followed by Lassa fever and cerebrospinal meningitis.
According to the data, the annual rate of urban inflation increased to 16.44% in March 2022 from 18.76% in March 2021. The rural inflation rate increased to 15.42 percent in March 2022 from 17.60 percent in March 2021, according to the report.
“In terms of recorded mortality, cholera killed the most people in both sexes in 2018, followed by cerebrospinal meningitis and yellow fever.
“Lassa fever caused the most deaths in 2019 and 2020, with 174 and 244 deaths reported, respectively, while cerebrospinal meningitis caused the least deaths, with 25 and 9 deaths, respectively.”
In terms of education, the report found that females enrolled in adult literacy education at a higher rate than males in 2018, and that this trend will continue in 2019 and 2020.
