Nigeria posts 5% growth in GDP in Q2

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Nigeria’s Gross Domestic Product grew by 5.01% (year-on-year) in real terms in the second quarter of 2021, the National Bureau of Statistics, NBS, has reported.

The cheery news is contained in the latest report on the nation’s GDP entitled Nigerian Gross Domestic Product Report (Q2 2021) released on Thursday.

NBS explained that the increase in the GDP index marked three consecutive quarters of growth following the negative growth rates recorded in the second and third quarters of 2020.

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“The Q2 2021 growth rate was higher than the -6.10% growth rate recorded in Q2 2020 and the 0.51% recorded in Q1 2021 year-on-year, indicating the return of business and economic activity near levels seen prior to the nationwide implementation of COVID-19 related restrictions,” the report read.

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“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.

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“Year to date, real GDP grew 2.70% in 2021 compared to -2.18% for the first half of 2020,” said NBS.

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