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· Nigeria’s Gross Domestic Product (GDP) increased by 0.51 percent in the first quarter of 2021, according to the National Bureau of Statistics (NBS). This fact is contained in the Nigerian GDP report
1. The NBS said the development was the second consecutive GDP growth for the country
· The quarter-on-quarter real GDP grew at -13.93 percent in Q1 2021 compared to Q4 2020. This reflects a generally slower pace of economic activities at the start of the year.
Nigeria’s Gross Domestic Product (GDP) increased by 0.51 percent in the first quarter of 2021, according to the National Bureau of Statistics (NBS). This fact is contained in the Nigerian GDP report. The NBS said the development was the second consecutive GDP growth for the country.
The growth rate fell short of the 1.87 percent recorded in the same quarter of 2020. However, the latest figure indicates a slow but steady recovery. The Q1 2021 growth rate was slower than the 1.87 percent growth rate recorded in Q1 2020. But the growth was higher than 0.11 recorded in Q4 2020, indicative of a slow but continuous recovery.
The quarter-on-quarter real GDP grew at -13.93 percent in Q1 2021 compared to Q4 2020. This reflects a generally slower pace of economic activities at the start of the year.
In the first quarter of 2021, aggregate GDP stood at N40, 014,482.74 in nominal terms, which is higher when compared to the first quarter of 2020. The aggregate GDP of the first quarter was N35, 647,406.08, indicating a year-on-year nominal growth rate of 12.25 percent. The oil sector did show a negative growth of -2.21 percent in Q1 2021 as against the growth recorded in the same period in the previous year.
