Africa’s Largest Economy Exceeds 2021 Growth Forecast

Nigeria’s economy grew faster than forecast by the central bank last year after an expansion in the non-oil sector offset a sharp drop in oil production.

Gross domestic product expanded 3.4% last year, Statistician-General Simon Harry told reporters in Abuja, the capital, on Thursday, That compares with the central bank’s projection for 3.1% growth.

The full-year number was lifted by the economy growing a faster-than-expected 3.98%% in the three months through December from a year earlier.

The median estimate of 12 economists in a Bloomberg survey was for a quarterly number of 1.4%.