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Nigeria’s GDP grows by 5.01% in Q2 of 2021, highest under Buhari

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Nigeria’s Gross Domestic Product (GDP) grew by 5.01 percent in the second quarter (April, May, June) of 2021, according to the Nigeria Bureau of Statistics (NBS).

The growth rate released on Thursday is the highest witnessed so far under the administration of President Muhammadu Buhari.

Infact the last time Nigeria hit the five percent mark was in fourth quarter of 2014.

The National Bureau of Statistics (NBS) revealed this in its second quarter 2021 GDP report obtained by Ripples Nigeria on Thursday.

According to the report, “Nigeria’s Gross Domestic Product (GDP) grew by 5.01%(year-on-year) in real terms in the second quarter of 2021, marking three consecutive quarters of growth following the negative growth rates recorded in the second and third quarters of 2020,” the report reads.

“The Q2 2021 growth rate was higher than the -6.10% growth rate recorded in Q2 2020 and the 0.51% 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 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.”

Read also: Communications ministry targets 45% ICT contribution to Nigeria’s GDP

Year to date, real GDP grew 2.70% in 2021 compared to -2.18% for the first half of 2020, the report showed.

However, quarter on quarter, real GDP grew at -0.79% in Q2 2021 compared to Q1 2021, reflecting slightly slower economic activity than the preceding quarter due largely to seasonality.

“In the second quarter of 2021, average daily oil production stood at 1.61 million barrels per day (mbpd), which is -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.

“Real growth of the oil sector was –12.65% (year-on-year) in Q2 2021 indicating a decrease of –6.02% points relative to the growth rate recorded in the corresponding quarter of 2020.

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