BEVERLY HILLS, May 24, (THEWILL) – Nigeria’s Gross Domestic Product (GDP) increased by 0.51 percent in the first quarter of 2021, the National Bureau of Statistics (NBS) said on Sunday.
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: “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.
“Nevertheless, quarter-on-quarter real GDP grew at -13.93 percent in Q1 2021 compared to Q4 2020, reflecting a generally slower pace of economic activities at the start of the year.
“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 report revealed that the oil sector recorded a real GDP growth rate of –2.21 percent (year-on-year) in Q1 2021, indicating a decrease of -7.27 percentage points relative to the growth rate recorded in the corresponding quarter of 2020.
It was also higher when compared to Q4 2020 which recorded a –19.76 percent growth rate. The growth in Q1 2021 was higher by 17.55 percentage points.
However, the non-oil sector declined when compared to the fourth quarter 2020 figures.
It added: “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 and Tobacco); Real Estate; Construction and Human Health and Social Services.”
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