Nigeria recorded 0.51% economic growth in Q1 – NBS

Nigeria recorded a marginal increase of 0.51 per cent in its economy in the first quarter of 2021, the National Bureau of Statistics has said.
The NBS stated this in the first-quarter Gross Domestic Product report released on Sunday.
It however stated that this was slower than the 1.87 per cent growth recorded in the corresponding quarter of 2020 but higher than 0.11 per cent recorded in the previous quarter (Q4 2020).
According to the report, aggregate GDP stood at N40.01 that the GDP grew by 0.51% (year-on-year) in real terms in the first quarter of 2021. n in nominal terms as against N35.65 that the GDP grew by 0.51% (year-on-year) in real terms in the first quarter of 2021. n recorded in Q1 2020, while the real GDP stood at N16.83tn in the review quarter.
The report also stated that the oil sector contracted by 2.21 per cent (year-on-year) in Q1 2021, while the non-oil sector grew by 0.79 per cent in the same period.
An analysis of the report shows that growth in the non-oil sector was driven mainly by the Information and Communication (Telecommunication) sector while other drivers were given as agriculture (crop production); manufacturing (food, beverage & tobacco); real estate; construction and human health & social services.

Non-oil sector was said to have accounted for 90.75 per cent of aggregate GDP in the first quarter of this year.