Nigeria’s economy grew 0.51 per cent in the first quarter of 2021, a report published by the statistics office on Sunday shows.
The latest report highlighted two consecutive quarters of growth following the negative growth rates recorded in the second and third quarters of last year.
The National Bureau of Statistics (NBS), in its report titled Nigeria’s Quarterly Gross Domestic Product (GDP), said the first quarter growth rate was slower than the 1.87 per cent growth rate recorded in quarter one of 2020.
It was, however, higher than the 0.11 per cent recorded in quarter four 2020, NBS said.
This, the agency said, is indicative of a slow but continuous recovery; as Nigeria, like most parts of the world, continue to manage the COVID-19 pandemic that has caused over 2,000 deaths in Nigeria and over three million deaths globally.
Further analysis shows that quarter on quarter, real GDP grew at -13.93 per cent in Q1 2021 compared to Q4 2020.
This reflects a generally slower pace of economic activities at the start of the year, the report said. In the quarter under review, aggregate GDP stood at N40 million in nominal terms, NBS said. This performance is higher when compared to the first quarter of 2020 which recorded aggregate GDP of N35.6 million, resulting in a nominal growth rate of 12.25 per cent.
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