The National Bureau of Statistics on Thursday said, Nigeria’s Gross Domestic Product grew by 5.01 per cent in real terms, in the second quarter of 2021.
The NBS disclosed this in the latest report on the nation’s GDP entitled Nigerian Gross Domestic Product Report (Q2 2021) released on Thursday.
It explained that the increase in the GDP index marked three consecutive quarters of growth following the negative growth rates recorded in the second and third quarters of 2020.
“The Q2 2021 growth rate was higher than the -6.10 per cent growth rate recorded in Q2 2020 and the 0.51 per cent recorded in Q1 2021 year-on-year, indicating the return of business and economic activity near levels seen prior to the nationwide implementation of COVID-19 related restrictions,” the report read.
“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.
“Year to date, real GDP grew 2.70 per cent in 2021 compared to -2.18 per cent for the first half of 2020.”
According to the NBS, the real GDP (quarter-on-quarter) grew at -0.79 per cent in Q2 2021 compared to Q1 2021, indicating slightly slower economic activity than the preceding quarter due largely to seasonality.
In the quarter under review, the NBS revealed that the aggregate GDP stood at N39,123,713.32 million in nominal terms – higher than the second quarter of 2020 with aggregate GDP of N34,023,197.60 million, indicating a year-on-year nominal growth rate of 14.99 per cent.
It added that the nominal GDP growth rate in Q2 2021 was higher than -2.80 per cent growth recorded in the second quarter of 2020 when economic activities slowed sharply at the outset of the pandemic.
“The Q2 2021 nominal growth rate was also higher than 12.25 per cent growth recorded in Q1 2021,” the agency said.
In the oil sector, the NBS disclosed that the average daily oil production stood at 1.61 million barrels per day in Q2 2021, saying the value was -0.19mbpd lower than the average daily production of 1.81mbpd recorded in the same quarter of 2020, and -0.10mbpd lower than the 1.72mbpd recorded in the first quarter of 2021.
It stated that the real growth of the oil sector was –12.65 per cent (year-on-year) in Q2 2021, indicating a decrease of –6.02 per cent points relative to the growth rate recorded in the corresponding quarter of 2020.
Data from the report showed that growth decreased by – 10.44 per cent points when compared to Q1 2021 which was –2.21 per cent.
“For the first half of 2021, real GDP was recorded at -7.13 per cent, compared to -0.80 per cent for the first half of 2020, the performance reflecting lower oil output.
“Quarter-on-quarter, the oil sector recorded a growth rate of -20.35 per cent in Q2 2021. The Oil sector contributed 7.42 per cent to total real GDP in Q2 2021, down from figures recorded in the corresponding period of 2020, and down compared to the preceding quarter, where it contributed 8.93 per cent and 9.25 per cent respectively,” the report said.
It added, “The non-oil sector grew by 6.74 per cent in real terms during the reference quarter (Q2 2021).
The Q2 2021 growth rate was higher by 12.80 per cent points compared to the rate recorded in the same quarter of 2020 and 5.95 per cent points higher than the first quarter of 2021.”
The NBS explained that during the quarter, the sector was driven mainly by growth in Trade, Information and Communication (Telecommunication), Transportation (Road Transport), Electricity, Agriculture (Crop Production) and Manufacturing (Food, Beverage & Tobacco), reflecting the easing of movement, business and economic activity across the country relative to the same period a year earlier.