Nigeria’s Gross Domestic Product GDP has witnessed tremendous growth of 5.01% in the second quarter of 2021.
The country’s Minister of Finance Mrs. Zainab Ahmed disclosed this while briefing newsmen on Nigeria’s GDP estimates for the 2021 second quarter in Abuja.
Mrs. Zainab Ahmed, explained that “the 2021 quarter growth rate reflects much better economic performance compared to the same period last year, which recorded -6.10% growth rate.”
The Finance Minister identified the non-oil sector such as Trade, Transportation, Coal mining, Metal Ores as well as insurance as the major driver of the latest GDP growth, recording a growth rate of nearly 7% representing the fastest non-oil sector since the third quarter of 2014.
“Overall, a total of 42 out of 46 economic activities expanded during the quarter, compared to only 13 at the same time last year, while 37 activities performed better than they did last quarter”.
“These figures indicate that business and commercial activities are fully returning to pre-pandemic levels as restrictions to movements, business activities, as well as domestic and international travel, have been relaxed.” Mrs. Ahmed explained.
The Finance Minister described the growth as the strongest real GDP growth Nigeria’s economy has recorded since the fourth quarter of 2014.
Mrs. Zainab Ahmed, explained further that Nigeria is expected to witness a declining inflation rate as the latest GDP indicates the return of businesses and commercial activities from pre-pandemic levels and restrictions.
“With favourable international economic conditions expected, as economic activities and normalcy returns across major economies, and local conditions continue to improve to allow business activities, the Nigerian economy is expected to maintain a steady path to more inclusive growth,” the Finance Minister emphasized.
The media briefing was attended by Minister of State Budget Mr. Clement Ike, Information and Culture Minister Lai Mohammed, and the Statistician-General of the federation Mr. Simon Harry.
