Nigeria Grew Economy By 5.01% in Quarter Two – NBC

Nigeria’s Gross Domestic Product (GDP) grew 5.01 percent in the second quarter, said the National Bureau of Statistics (NBS) on Thursday.

The report from NBS, specifically on GDP released in the earlier hour of Thursday spread this development to the public.

Despite the ravaging and negative effects of  covid-19 in the second and third quarters of 2020, the report of 5.01 percent marks three consecutive quarters of growth in Nigeria’s economy.

In quarter two (Q2) 2021, growth rate was higher than the -6.10 per cent growth rate recorded in Q2 2020 and the 0.51 per cent recorded in Q1 2021.

According to the report, steady recovery has started since the end of 2020, with the gradual return of commercial activity. Local and international travel also contributed significantly to the increase in growth performance, vis-a-vis the second quarter of 2020 when nationwide and protocol restrictions took effect.

In the quarters under review, aggregate GDP stood at N39.12trn in nominal terms, higher than the second quarter of 2020 with aggregate GDP of N34.02trn, indicating a year-on-year nominal growth rate of 14.99 per cent.