Report Summary
The economy grew at 3.40 per cent in 2021, the fastest and strongest annual rate since 2014. Uncharacteristically, the non-oil sector drove this growth.
While this sounds good. The pace and strength of the economic growth is less than what Nigeria requires to expand its economy and create jobs for its exploding population.
Many economists have said that Nigeria needs an annual growth rate of at least 6 per cent to stay ahead of its 2.50 per cent population growth per year.
In March 2021, the National Bureau of Statistics reported that Nigeria’s unemployment rate rose to 33.30 per cent, translating to some 23.20 million people, the highest in at least 13 years and the second-highest rate in the world.
Nevertheless, the total value of capital imported into the country in the fourth quarter of 2021 increased by 26 percent quarter-on-quarter and 105 percent year-on-year to $2.20 billion.
Despite the improvement, capital imports have not returned to their pre-pandemic run-rate of about $5.00 billion per quarter, after falling to an average of $1.40 billion between Q2 ’20 and Q3 ’21. The data are gross and not adjusted for capital exports.
In its characteristic way, The Nigerian Real Estate Report has provided a bird’s eye view of what political events shaped the country in 2021. This you will find in the first chapter.
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