The nation’s Gross Domestic Product (GDP) increased by 0.51 percent in the first quarter of 2021.
This is according to the first-quarter GDP report released by the National Bureau of Statistics, (NBS), yesterday.
Nigeria had recorded an increase of 0.11 percent in the fourth quarter of 2020.
With the latest figure, the country has recorded its second consecutive quarter growth since the economy fell into recession in 2020.
The NBS report further stated that, “Nigeria’s GDP grew by 0.51% (year-on-year) 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”.
According to the report, the oil sector recorded a real GDP growth rate of –2.21% (year-on-year) in Q1 2021, indicating a decrease of -7.27% points relative to the growth rate recorded in the corresponding quarter of 2020. It is also higher when compared to Q4 2020, which recorded a –19.76% growth rate — growth in Q1 2021 was higher by 17.55% points.
Meanwhile, performance in the non-oil sector declined when compared to previous figures.
