By John Ofikhenua, Abuja
The Nationwide Bureau of Statistics (NBS) mentioned Nigeria’s Gross Home Product (GDP) by 0.51 per cent in first quarter (Q1) of 2021.
It mentioned in its information titled “Nigerian Gross Home Product Report – Q1 202” that it made it the second successive quarter of development charges recorded within the second and third quarters of 2020.
The NBS famous: “Nigeria’s Gross Home Product (GDP) grew by 0.51%(year-on-year) in actual phrases within the first quarter of 2021, marking two consecutive quarters of development following the unfavourable development charges recorded within the second and third quarters of 2020”.
The info added that the Q1 2021 development price was slower than the 1.87% development price recorded in Q1 2020 however increased than 0.11% recorded in This autumn 2020, indicative of a sluggish however steady restoration.
NBS famous that nonetheless, quarter on quarter, actual GDP grew at -13.93% in Q1 2021 in comparison with This autumn 2020, reflecting a usually slower tempo of financial actions at the beginning of the yr.
In response to the information, within the quarter beneath overview, mixture GDP stood at N40,014,482.74 million in nominal phrases.
This efficiency, mentioned NBS, is increased when in comparison with the primary quarter of 2020 which recorded mixture GDP of N35,647,406.08 million, indicating a yr on yr nominal development price of 12.25%.
The info additional defined that the nominal GDP development price in Q1 2021 was increased relative to 12.01% development recorded within the first quarter of 2020 in addition to the ten.07% development recorded within the previous quarter.
For higher readability, the economic system has been categorised broadly into the oil and non-oil sectors.
It disclosed that the oil sector recorded actual GDP development price of –2.21% (year-on-year) in Q1 2021 indicating a lower of –7.27% factors relative to the expansion price recorded within the corresponding quarter of 2020 (5.06%).
“In comparison with This autumn 2020 which recorded –19.76% development price, development in Q1 2021 was increased by 17.55% factors”, it mentioned.
The doc mentioned “Quarter-on-quarter, the oil sector recorded a development price of 35.65% in Q1 2021.
“By way of contribution to mixture GDP, the Oil sector accounted for 9.25% of mixture actual GDP in Q1 2021, barely decrease than 9.5% recorded within the corresponding interval of 2020 however increased than within the previous quarter, the place it contributed 5.87%”.
Persevering with, NBS mentioned the “non-oilsectorgrewby 0.79 % in actual phrases in Q1 2021,which was–0.75% factors decrease in comparison with the speed recorded in the identical quarter of 2020 and -0.89% factors decrease than charges recorded within the fourth quarter of 2020.
“Development within the non-oil sector was pushed primarily by the Info and Communication
(Telecommunication) sector whereas different drivers embody Agriculture (Crop Manufacturing); Manufacturing (Meals, Beverage & Tobacco); Actual Property; Development and Human Well being &Social Companies.
“In actual phrases, the Non-oil sector accounted for 90.75% of mixture GDP within the first quarter of 2021, increased than its share within the first quarter of 2020 which was 90.50% however decrease than 94.13percentrecorded within the fourth quarter of 2020”.