Connect with us

Finance

Nigeria’s GDP grows by 0.51% in Q1 2021, records two consecutive quarters of growth 

Published

on

GDP

Nigeria’s Gross Domestic Product, according to the National Bureau of Statistics (NBS’) latest report, grew by 0.51 per cent (year-on-year) in Q1, 2021.

Techeconomy.ng can report that the GDP grew in real terms in the first quarter of 2021, marking two consecutive quarters of growth following the negative growth rates recorded in the
second and third quarters of 2020.

The Q1 2021 growth rate was slower than the 1.87% growth rate recorded in Q1 2020 but higher than 0.11% recorded in Q4 2020, indicative of a slow but continuous recovery.

Meanwhile, based on quarter on quarter, real GDP grew at -13.93 per cent in Q1 compared to Q4 2020. This indicated the slow-paced nature of economic activities at the start of the year.

And of course, in 2020, the fourth quarter survey for 2019, as well as the first, second and third quarter surveys of 2020 were undertaken.

The report stated that the aggregate GDP stood at N40,014,482.74 million in nominal terms. This performance is higher when compared to the first quarter of 2020 which recorded aggregate GDP of N35,647,406.08 million, indicating a year on year nominal growth rate of 12.25%.

It stated that the nominal GDP growth rate in Q1 2021 was higher relative to 12.01% growth recorded in the first quarter of 2020 as well as the 10.07% growth recorded in the preceding quarter.

This medium gathered that the Nigerian economy has been classified broadly into the oil and non-oil sectors.

In the first quarter of 2021, average daily oil production stood at 1.72 million barrels per day (mbpd), or 0.35mbpd lower than the average daily production of 2.07mbpd recorded in the same quarter of 2020 but higher than the production volume of 1.56mbpd recorded in the fourth quarter of 2020.

ALSO READ  APCON to Sanction Sterling Bank for Offensive “Agege Bread” Easter Advert

The non-oil sector on the other hands, 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.

Advertisement

 

 

Advertisement
1 Comment

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Advertisement
Advertisement

Facebook