Nigeria’s Gross Domestic Product (GDP) grew by 0.51%(year-on-year) in real terms in the first quarter of 2021, marking two consecutive quarters of growth following the negative growth rates recorded in the second and third quarters of 2020.
This is contained in the Nigerian Gross Domestic Product report, recently released by the National Bureau of Statistics (NBS).
The Report noted that in terms of contribution to aggregate GDP, the oil sector accounted for 9.25% of aggregate real GDP in Q1 2021, while the non-oil sector accounted for 90.75% of aggregate GDP in the first quarter of 2021.
The Bureau also noted that the “growth in the non-oil sector was driven mainly by the Information and Communication (Telecommunication) sector while other drivers include Agriculture (Crop Production); Manufacturing (Food, Beverage & Tobacco); Real Estate; Construction and Human Health & Social Services”. It is worthy of note that the ICT sector grew by 6.47% in Q1 2021, making it the fastest growing significant sector of the Nigerian economy.”
It further stated that “It is also interesting to note that Post and Courier Services grew by 2.53% in Q1 2021. These services are under the supervision of the Ministry of Communications and Digital Economy, but currently listed under the transportation sector in the GDP Report.”
According to the report, aggregate GDP stood at N40.01 trillion in nominal terms as against N35.65 trillion recorded in Q1 2020, while real GDP stood at N16.83 trillion in the review quarter.
The oil sector contracted by 2.21% (year-on-year) in Q1 2021, while the non-oil sector grew by 0.79% in the same period.
A cursory look at the report revealed that growth in the non-oil sector was driven mainly by the Information and Communication (Telecommunication) sector while other drivers include Agriculture (Crop Production); Manufacturing (Food, Beverage & Tobacco); Real Estate; Construction and Human Health & Social Services.
However, the Non-oil sector accounted for 90.75% of aggregate GDP in the first quarter of 2021.
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