Nigeria’s economy beats records, grows at 5.01% in Q2

Nigeria’s economy grew at a real rate of 5.01 per cent in the second quarter of 2021 from the 0.51 recorded in the first quarter of the year.

The Gross Domestic Product (GDP) report released on Thursday by the National Bureau of Statistics (NBS) shows the latest 5.01% GDP growth rate is the highest since the last quarter of 2014.

• NDA: Leaked memo confirms Daily Trust report on loose fence
• PODCAST: Doctors’ Mass Migration: Why You Should Be Concerned

The latest economic growth rate is much higher than a decline of -6.1 per cent recorded in the comparable quarter of 2020, as well as the 0.51 per cent recorded in the first quarter of this year.

The report shows that the positive growth recorded in the second quarter of the year marked three consecutive quarters of growth following the negative growth rates recorded in the second and third quarters of 2020.

The report said that this is an indication of; “the return of business and economic activity near levels seen prior to the nationwide implementation of COVID-19 related restrictions”.

NBS further explained that; “the steady recovery observed since the end of 2020, with the gradual return of commercial activity as well as local and international travel, accounted for the significant increase in growth performance relative to the second quarter of 2020 when nationwide restrictions took effect.”

Analysis of the report showed that the non-oil sector grew by 6.74 per cent in real terms during the quarter, and was driven mainly by growth in trade, information and communication, transportation, among others, according to the report.

Nigeria’s economy recorded downturns in 2016 and the third quarter of 2020 when the economy went into recession.