The first quarter of 2021, has recorded a gradual growth in the Gross Domestic Product (GDP) by 0.51 percent, which seems to have had Nigeria’s economy slightly raised.
This marks two consecutive quarters of growth following the negative rates recorded in the past.
Reports released by the National Bureau of Statistics (NBS), reveals, that the first quarter Q1 2021, growth rate was slower than the 1.87%, recorded in Q1, 2020, but higher than 0.11% recorded in Q4 2020, indicating a slow but continuous recovery.
NBS noted that in the quarter under reviews, aggregate GDP, stood at 40.014 trillion in nominal terms.
The nominal GDP growth rate in Q1 2021, was higher relative to 22.01% growth, recorded in the first quarter of 2020, as well as the 10.07% growth recorded in the spreading quarter.
The performance appears higher than the first quarter of 2020, which recorded aggregate GDP, of 35.647 trillion. This has caused year-on-year nominal growth of 12.25%.
According to NBS reports for oil sector, “In Q1 2021, average dairly oil production stood at 1.72 million barrels per day (mbpd), or 0.35 mbpd lower than the average dairly production of 2.07 mbpd recorded in the same quarter of 2020 but higher than the production volume of 1.56 mbpd recorded in the fourth quarter of 2020.
For non oil sector, NBS stated: “The non oil sector grew by 0.79% in real terms in Q1 2021, which was -0.75% points lower compared to the rate recorded in the same quarter of 2020, and – 0.89% points lower than rates recorded in the fourth quarter of 2020.
“Growth was driven mainly by the Information and Communication (Telecommunication) sector, while others drivers includes, Agriculture (crop production), Manufacturing (food, beverages & tobacco), Real estate, Construction and Humanhealth & social services.
“In real terms, the non oil sector accounted for 90.75% of aggregate GDP in the first quarter of 2021, higher than its share in the first quarter of 2020, which was 90.50%, but lower than 94.13% recorded in the fourth quarter of 2020.”
Ijeoma Njoku reporting, Obinwannem News | May 24, 2021
