Nigeria’s Gross Domestic Product grew by 0.51 percent in real terms in the first quarter of 2021.
This is slower than the 1.87 percent growth recorded in the corresponding quarter of 2020 but higher than 0.11 percent recorded in the previous quarter.
According to the Nigerian Gross Domestic Product report, recently released by the National Bureau of Statistics, aggregate GDP stood at N40.01 trillion in nominal terms as against N35.65 trillion recorded in Q1 2020, while real GDP stood at N16.83 trillion in the review quarter.
The oil sector contracted by 2.21percent in Q1 2021, while the non-oil sector grew by 0.79 percent in the same period.
A cursory look at the report revealed that growth in the non-oil sector was driven mainly by the Information and Communication (Telecommunication) sector while other drivers include Agriculture (Crop Production).
Manufacturing (Food, Beverage & Tobacco), Real Estate; Construction and Human Health & Social Services grew marginally in that order.
However, the Non-oil sector accounted for 90.75 percent of aggregate GDP in the first quarter of 2021.
Meanwhile, Nigeria’s manufacturing sector contracts by 2.75 percent in 2020, while the finance and Insurance Sector contributes 3.36 percent to GDP in 2020.
