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Nigeria’s GDP growth declines to 4.03%, says NBS

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Factual Pursuit of Truth for Progress

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Grace Cofie

The Statistician-General or the Federation, Simon Harry, on Thursday, disclosed that the Gross Domestic Product (GDP) growth rate fell to 4.03% in the third quarter (Q3) of 2021 from 5% in the second quarter (Q2).

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He said that during the quarter, aggregate GDP stood at 45.11tn in nominal terms, an increase of 15.41% over the performance in the corresponding period of 2022.

Harry stated further that the base effect of the negative economic growth recorded in Q2 and Q3 2020 as a result of the COVID-19 pandemic contributed to the growth in GDP in 2022.

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He said that the current growth trend can be sustained through strict adherence to safety measures effected to control the spread of the COVID-19 pandemic and other variants of the disease.

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