Nigeria’s gross domestic product (GDP) has seen a sharp increase of 5.01 percent in the second quarter of 2021, the highest economic growth recorded under the Muhammadu Buhari administration in six years.
The National Bureau of Statistics, in its Q2 GDP report, said the 5.01% growth rate recorded year on year, was higher than the -6.1% growth recorded in Q2 2020 and the 0.51% recorded in Q1 2021. The index marked three consecutive quarters of growth following the negative growth rates recorded in the second and third quarters of 2020.
The NBS said the GDP figure was indicative of the return of business and economy activity levels seen prior to the nationwide implementation of COVID-19 related restrictions.
The Agency statement 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.
“Year to date, real GDP grew 2.70% in 2021 compared to -2.18% for the first half of 2020.”
But the real GDP (quarter-on-quarter) grew at -0.79% 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%.
It added that the nominal GDP growth rate in Q2 2021 was higher than -2.80% 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% growth recorded in Q1 2021,” the agency said.
Omotayo Araoye
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