Nigeria’s Gross Domestic Product (GDP) has expanded at a real rate of 5.01 per cent in the second quarter of 2021 from the 0.51 per cent recorded in the first quarter of the year.
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The GDP report released Thursday by the National Bureau of Statistics (NBS) shows the latest economic growth rate is the highest in the past seven years since the last quarter of 2014.
The GDP report captured the total monetary or market value of all the finished goods and services produced within Nigeria in the first quarter of this year to show overall growth in the economy.
Analysis of the report showed that the positive growth recorded in the second quarter of 2021 marks three consecutive quarters of growth following the negative growth rates recorded in the second and third quarters of 2020.
“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,” NBS stated.
NBS said further that the latest economic expansion is an indication of “The return of business and economic activity near levels seen prior to the nationwide implementation of COVID-19 related restrictions.”
Recall that Nigeria’s economy recorded downturns in 2016 and the third quarter of 2020 when the economy went into recession.
In the quarter under review, aggregate GDP stood at N39.12trillion in nominal terms, higher than the second quarter of 2020 with aggregate GDP of N34.02 trillion, indicating a year on year nominal growth rate of 14.99 per cent.
Analysis showed that the nominal GDP growth rate in the second quarter of 2021 was higher than -2.80 per cent growth recorded in the second quarter of 2020 when economic activities slowed sharply at the outset of the pandemic.
Non-oil sector contributes 92.58% to economy
In real terms, the non-oil sector contributed 92.58 per cent to the nation’s GDP in the second quarter of 2021, higher from shares recorded in the second quarter of 2020, which was 91.07 per cent and the first quarter of 2021 recorded as 90.75 per cent.
The report showed that the non-oil sector grew by 6.74 per cent in real terms during the period.
“During the quarter, the sector was driven mainly by growth in Trade, Information and Communication (Telecommunication), Transportation (Road Transport), Electricity, Agriculture (Crop Production) and Manufacturing (Food, Beverage & Tobacco), reflecting the easing of movement, business and economic activity across the country relative to the same period a year earlier,” the report stated.
ICT sector contributes 17.92%
The contribution of Information and Communications Technology (ICT) sector to the GDP in the second quarter of 2021 rose to 17.92 per cent, being 20.54 per cent higher than its contribution a year earlier and in the preceding quarter, in which it accounted for 14.91 per cent.
Reacting, the Minister of Communications and Digital Economy, Dr Isa Ali Ibrahim Pantami, said: “This is the highest contribution of ICT to the GDP and is truly unprecedented.”
Pantami said that the growing contribution of the ICT sector to the GDP is as a result of the commitment of the administration of President Muhammadu Buhari to the development of the digital economy.
The minister said: “The 16 national policies developed by the ministry, the 1,667 projects and programmes, the large scale digital skills and general capacity-building efforts, stakeholder engagement and creation of an enabling environment have all played an important role in this achievement.”
Oil sector contributes 7.42% to economy
In the second quarter of 2021, the oil sector contributed 7.42 per cent to total real GDP in the second quarter of 2021, down from figures recorded in the corresponding period of 2020 and down compared to the preceding quarter, where it contributed 8.93 per cent and 9.25 per cent respectively.
Average daily oil production stood at 1.61 million barrels per day (mbpd), which is -0.19 mbpd 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 per cent (year-on-year) in Q2 2021 indicating a decrease of -6.02 per cent points relative to the growth rate recorded in the corresponding quarter of 2020.
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