The National Bureau of Statistics (NBS) stated on Sunday that Nigeria’s Gross Domestic Product (GDP) increased by 0.51 percent in the first quarter of 2021.
In its Nigerian GDP report, the agency said the development was the second consecutive GDP growth for the country.
Although the growth rate fell short of the 1.87 percent recorded in the same quarter of 2020, the latest figure indicates a slow but steady recovery.
The report read in part:
“The Q1 2021 growth rate was slower than the 1.87 percent growth rate recorded in Q1 2020 but higher than 0.11 recorded in Q4 2020. This was indicative of a slow but continuous recovery.
“In the quarter under review, aggregate GDP stood at N40, 014,482.74 in nominal terms. This performance is higher when compared to the first quarter of 2020 which recorded aggregate GDP of N35, 647,406.08, indicating a year-on-year nominal growth rate of 12.25 percent.
“The nominal GDP growth rate in Q1 2021 was higher relative to the 12.01 percent growth recorded in the first quarter of 2020 as well as the 10.07 percent growth recorded in the preceding quarter.”
“The non-oil sector grew by 0.79 percent in real terms in Q1 2021. This was -0.75 percent points lower compared to the rate recorded in the same quarter of 2020 and -0.89 percent points lower than rates recorded in the fourth quarter of 2020.
“Growth in the non-oil sector was driven mainly by the Information and Communication (Telecommunication) sector while other drivers include Agriculture (Crop Production), Manufacturing (Food, Beverage & Tobacco); Real Estate; Construction and Human Health & Social Services.”