Central Bank of Nigeria (CBN) stated that the Services and Agriculture sectors grew, in real terms, in the third quarter of 2021, while the Industrial sector dipped, owing to the contraction of some of its activity sectors.
This was disclosed by CBN, in its 2021 third-quarter economic report.
Although the Industrial sector declined, the performance of the Industry sector improved in the third quarter of 2021, recording a lower contraction of 1.63 %, compared to 6.12% in the corresponding quarter of 2020.
According to the CBN, the industrial sector’s improvement was due largely to the performance of the Manufacturing and Mining & Quarrying sub-sector.
What the CBN is saying
The CBN said, “The services and agriculture sectors grew, in real terms, in the third quarter of 2021, while the industry sector dipped, owing to the contraction of some of its activity sectors.”
CBN stated that Finance and Insurance, trade, and ICT subsectors propelled economic growth.“The services sector recorded an improved growth of 8.41 per cent (year-on-year), in contrast to a contraction of 5.49 per cent in the corresponding quarter of 2020. Finance and insurance, trade, and ICT subsectors drove the growth, which grew by 23.23 per cent, 11.90 per cent and 9.66 per cent, respectively,” it said.
According to the CBN, the agriculture sector grew at a slower rate of 1.2% in Q3 2021, compared to 1.39 per cent in the same quarter of 2020.
The slower growth was attributable to a 3.97% decline in the fishing subsector, which was driven by the seasonal rise in water levels, according to the report. Crop production, livestock, and forestry subsectors expanded by 1.36%, 0.12%, and 1.98%, respectively.
The industrial sector’s performance improved in the third quarter of 2021, with a decline of 1.63% compared to 6.12 per cent in the same quarter of 2020, according to the report.
