Nigeria’s Gross Home Product grew by 0.51 per cent (year-on-year) in Q1, 2021.
This marks the second consecutive quarterly progress for the nation, following the unfavourable progress charges recorded within the second and third quarters of 2020.
Q1’s progress price was slower than 1.87 per cent progress price recorded in Q1 2020 however increased than 0.11 per cent recorded in This autumn 2020. This means a gradual restoration course of.
Nonetheless, primarily based on quarter on quarter, actual GDP grew at -13.93 per cent in Q1 in comparison with This autumn 2020. This indicated the slow-paced nature of financial actions initially of the yr.
GDP is N40.01 trillion in nominal phrases, which is increased than Q1 202 which recorded combination GDP of N35.08 trillion a yoy nominal progress price of 12.25 per cent. The nominal GDP progress price for the quarter is increased relative to 12.01 per cent progress recorded in Q1 2020, in addition to 10.07 per cent progress recorded within the previous quarter. Actual GDP for the quarter is N16.83 trillion
The GDP for Oil contracted -2.21 per cent in Q1 (-19.76 per cent in This autumn 2020; 5.06 per cent in Q1 2020) whereas non-Oil GDP grew 0.79 per cent in Q1 2021(1.69 per cent in This autumn 2020; 1.55 per cent in Q1 2021). Within the quarter, common every day oil manufacturing stood at 1.72 million barrels per day, or 0.35mbpd decrease than the common every day manufacturing of two.07mbpd recorded in the identical quarter of 2020 however increased than the manufacturing quantity of 1.56mbpd recorded within the fourth quarter of 2020.
Progress within the non-oil sector was pushed by the Data and Communication (Telecommunication) sector whereas different drivers embody Agriculture (Crop Manufacturing), Manufacturing (Meals, Beverage & Tobacco), Actual Property, Building and Human Well being & Social Providers. The non-oil sector accounted for 90.75 per cent of combination GDP in Q1 in actual phrases. That is increased than its share in Q1 2020 which was 90.50 per cent, however decrease than 94.13 per cent recorded within the This autumn 2020.
The Data and Expertise sector contributed 7.86 per cent to GDP (a lower from 17.64 per cent in This autumn 2020 and 9.71 per cent in Q1 2020). The IT sector contributed 9.91 per cent to whole nominal GDP in Q1 2021, decrease than the speed of 10.31 per cent recorded in the identical quarter of 2020 and 10.58 per cent contributed within the previous quarter. The sector recorded a progress price of 6.47 per cent in actual phrases, yr on yr.