According to Investopedia, nominal GDP is an assessment of economic production in an economy that includes current prices in its calculation. All goods and services counted in nominal GDP are valued at the prices that are actually sold for in that year. In Q1 2021, aggregate GDP stood at N40.01 in nominal terms, indicating a year-on-year nominal growth rate of 12.25 per cent, compared to N35.65tn in Q1 2020. The nominal GDP growth rate in Q1 2021 was higher compared to 12.01 per cent growth recorded in Q1 2020 and the 10.07 per cent growth recorded in the preceding quarter. In Q4 2020, the GDP grew by 0.11 per cent in real terms, while aggregate GDP stood at N43.56tn in nominal terms.

Source: Punch July 12, 2021 23:48 UTC