By Grace Udofia
The National Bureau of Statistics (NBS) has revealed that Nigeria’s Gross Domestic Product (GDP) grew to 5.01 per cent (year-on-year) in real terms in the second quarter of the year (Q2 2021).
According to NBS quarterly report for the year, this is a significant improvement, compared to -6.10 per cent in the preceding quarter.
It added that the country’s GDP growth marks three consecutive quarters of growth, following the negative growth rates recorded in the second and third quarters of 2020.
The report showed that the Q2 growth rate was also higher than the 0.51 per cent 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.
“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.
“Year to date, real GDP grew 2.70 per cent in 2021 compared to -2.18 per cent for the first half of 2020,” NBS noted.