The Nigerian economy recorded some major events that shaped the out-going year.
There were few bright spots as well as events that many Nigerians would want to forget in a hurry.
With less than 24 hours, we take a look at the good, and ugly numbers in charts for 2021.
In the second quarter of this year, Nigeria recorded its biggest GDP growth under the administration of president Muhammadu Buhari.
The National Bureau of Statistics (NBS) announced that the economy grew by 5.01 percent in Q2. A follow up to the positive growth of 0.51 percent in Q1 2021.
The positive economic growth was also sustained in third quarter (4.03 percent).
Although contentious, Nigeria’s inflation rate in 2021 slowed for the first time in almost two years in April 2021, after rising steadily since September 2019.
NBS data show inflation inched down from 11.1 percent in July 2019 to 11.02 percent in August 2019, the lowest reading since January 2016, but rose to 11.24 percent in September 2019 and continued to rise till April 2021, when it hit 18.12 percent.
Since April, inflation has declined for eight months straight to 15.40 percent in November 2021.
President Buhari’s promise to diversify the economy took a shape as non-oil revenue was able to cover up dwindling oil revenue.
Data from January and August 2021 show Nigeria generated a sum of N1.15 trillion as non-oil revenue which is 15.7% above the projected target of N992.62 billion set by the federal government.
Oil revenue, which has for years contributed the most to government revenues stood at N754.16 billion and was below target.
According to the World Bank’s latest Nigeria Development Update report, inflation pushed 8 million Nigerians into poverty between 2020 and 2021 as at November 2021. This is an increase from 7 million reported in June 2021.
According to the report, before inflation started rising steadily, which was in September 2019, there were 83 million poor Nigerians but the number has risen to 91 million.
Unemployment rate in Nigeria in the fourth quarter of 2020 hit 33.3 percent but it has been projected by Doyin Salami, chairman, Presidential Economic Advisory Council (PEAC), to hit 40 percent by the end of 2021.
An estimated N10 billion was demanded by kidnappers ($19.96m) in the first six months of the year, according to a report by SB Morgen (SBM) Intelligence.
Nigeria’s public debt rose to a record N38 trillion in the third quarter of 2021, according to data published by the Debt Management Office (DMO).
The data, which include the total external and domestic debts of the Federal Government, 36 states and the Federal Capital Territory (FCT), show an increase of N2.54 trillion when compared with the corresponding figure of N35.4 trillion at the end of Q2, 2021.
Nigeria’s Foreign Direct Investment (FDI) plunged to the lowest in more than a decade in 2021. FDI fell to $77 million in Q2, 2021, a 49.6 decline from $154.7 million in the first quarter of the year.
The high-risk business environment continues to discourage foreign inflow into the economy.
From January to December, Naira has fallen to the dollar by 8.13 percent.
Naira started the year at N381/$ but will be closing at N415 at the official market.
At the black-market, Naira is trading at a record-high of between N565 and N570.
The Federal Government’s attempt to keep Nigerians hooked on ‘cheap’ petrol has cost Nigeria N1.03 trillion in 2021, according to data from the Nigerian National Petroleum Corporation (NNPC).
The Nigerian government continues to subsidise petrol, paying the difference between the cost of production and the cost charged to customers in order to make them more affordable.
The post RipplesMetrics: Nigeria’s economy in 2021 in 10 numbers appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.