Nigeria’s GDP grew by 5.01% (year-on-year) in real terms in Q2 2021, according to a new report by the National Bureau of Statistics (NBS).
The new rate marks three consecutive quarters of growth, after negative growth rates were recorded in the Q2 and Q3 of 2020.
Aggregate GDP in Q2 2021 stood at N39,123,713.32 million in nominal terms, with real GDP pegged at N16.69 trillion.
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The NBS said Q2’s year-on-year growth rate indicated the return of business and economic activity near levels seen prior to the nationwide implementation of COVID-19 related restriction last year.
However, real GDP only grew at -0.79% in Q2 2021 compared to Q1 2021, reflecting slightly slower economic activity than the preceding quarter ‘due largely to seasonality’.
The non-oil sector grew by 6.74% in real terms, and contributed 92.58% to the nation’s Q2 GDP; while real growth recorded for the oil sector was -12.65% (year-on-year), contributing 7.42% to total real GDP, a drop from Q1 2021.
The 5.01% growth rate is the highest recorded since President Muhammadu Buhari was first elected in 2015.
The 78-year-old’s reign has worsened economic hardships for millions of Nigerians, with two historic recessions recorded over the past six years.