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The Central Bank of Nigeria,says Nigeria’s services sector recorded slight growth in the third quarter of 2021.
The development was due to the improved performances of the finance and insurance sectors, the apex bank said in its 2021 third-quarter economic report.
It added:“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.
“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. “
The report said the performance of the finance and insurance subsector was in response to the improvement in economic activities, which led to increases in the volume and value of credit disbursed to finance business and consumer expenditures.
According to the report,the agriculture sector recorded a slower growth of 1.22 per cent in Q3 2021, compared with 1.39 per cent in the corresponding quarter of 2020.
It attributed the slower growth in the sector to the 3.97 per cent contraction in the fishing subsector caused by the seasonal rise in the water levels, it added.
It added that crop production, livestock, and forestry subsectors grew by 1.36 per cent, 0.12 per cent, and 1.98 per cent, respectively.
It said the performance of the industrial sector improved in the third quarter of 2021, recording a lower contraction of 1.63 per cent, compared to 6.12 per cent in the corresponding quarter of 2020.
It said the sector’s improvement was due largely to the performance of the manufacturing and mining and quarrying sub-sector.
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