Nigerian Economy: NBS Data Shows Third Consecutive Quarter Of Positive Growth

The Nigerian Bureau of Statistics (NBS) data, shows a third consecutive quarter of positive growth in Nigeria’s economy.

The report also showed the highest quarterly growth in GDP since 2014. The Gross Domestic Product (GDP) grew by 5.01% in Q2 2021 following 0.51% growth in Q1 2021.

This growth, which continues the progress of the preceding two quarters, is a continuing trend reflecting Nigeria’s economic rebound, following the Pandemic-induced contractions seen in Q1 and Q2 2020.

The non-oil sector is a significant contributor to the economic performance in Q2 2021 with growth of 6.74% in real terms, the fastest growth in the sector since the third quarter of 2014.

The contribution of the non-oil sector to GDP increased from 91.07% in Q2 2020 to 92.58% in Q2 2021, according to the NBS.

The president commended managers of the economy for hard work and commitment, urging them to keep at it till the positive development “touches the lives and pockets of the average Nigerian.

The main drivers of the Q2 2021 economic growth included Trade, Information and Communication (mainly Telecommunications), Transportation, Electricity, Crop Production and Manufacturing, even though the service sector, specifically also recorded its strongest performance in more than a decade, growing at 9.27%.

These main growth drivers of this second-quarter performance are reflective of the gains from easing restrictions of movement locally and internationally and the improvement in the business and economic environment compared to the same period in 2020.