The Finance and Insurance sector witnessed a 24.14% real term growth, higher by 27.76% points from the rate recorded in 2020 fourth quarter and up by 0.90% points from the rate recorded in the preceding quarter.
This is according to the recently released fourth quarter GDP report by the National Bureau of Statistics.
The Finance and Insurance Sector consists of the two subsectors; Financial Institutions and Insurance, which accounted for 92.18% and 7.82% of the sector respectively in real terms in Q4 2021.
Highlight of the report
- The report shows that quarter on quarter growth in real terms stood at 26.99%, while annual growth was 10.07% in 2021.
- The contribution of Finance and Insurance to real GDP totalled 3.66%, higher than the contribution of 3.07% recorded in the fourth quarter of 2020 by 0.59% points, and higher than 3.16% recorded in Q3 2021 by 0.50% points.
- As a whole, the sector grew at 24.92% in nominal terms (year-on-year), with the growth rate of Financial Institutions as 25.99% and 13.61% growth rate recorded for Insurance.
- The overall rate was higher than that in Q4 2020 by 26.02% points, and lower by 1.54% points than the preceding quarter. Quarter on Quarter growth was 25.34%, while annual growth rate stood at 11.88% in 2021.
- The sector’s contribution to the overall nominal GDP was 3.10% in Q4 2021, higher than the 2.80% it represented a year previous, and higher from the contribution of 2.70% it made in the preceding quarter.
What you should know
- Nigeria’s Gross Domestic Product (GDP) grew by 3.98% year-on-year in real terms in the fourth quarter of 2021, indicating a sustained positive growth for the fifth quarter since the recession witnessed in 2020.
- The Q4 2021 growth rate was higher than the 0.11% growth rate recorded in Q4 2020 by 3.87% points and lower than 4.03% recorded in Q3 2021 by 0.05% points.