• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Economy GDP

Nigeria’s GDP grows marginally by 0.51% in Q1 2021

Samuel Oyekanmi by Samuel Oyekanmi
May 23, 2021
in GDP, Macros, Spotlight
INEC facilities attack: Buhari threatens to deal with attackers in " language they understand" ,Nigeria to push for global vaccine equity at UN General Assembly
Share on FacebookShare on TwitterShare on Linkedin

Nigeria’s Gross Domestic Product grew by 0.51% (year-on-year) in real terms in the first quarter of 2021. This is slower than the 1.87% growth recorded in the corresponding quarter of 2020 but higher than 0.11% recorded in the previous quarter (Q4 2020).

This is contained in the Nigerian Gross Domestic Product report, recently released by the National Bureau of Statistics (NBS).

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.

RelatedStories

Nigeria’s 4.23% GDP Growth vs Reality: Are Citizens Truly Better Off? 

Nigeria’s 4.23% GDP Growth vs Reality: Are Citizens Truly Better Off? 

October 1, 2025
On Drinks and Mics Season 2 episode 4, the gang sat with Affiong Williams, Founder & CEO of Reel Fruit as they argued that businesses remain under strain despite the positive macroeconomic indicators.

GDP Rises, Rates Fall: Why Nigerian Businesses Struggle While Exporters Cash In – Drinks and Mics 

September 27, 2025

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.

Sectoral performance

  • The agricultural sector grew by 2.28% in real terms in Q1 2021, with an aggregate real GDO of N3.76 trillion. The sector accounted for 22.35% of the total.
  • The mining and quarrying sector contracted by 2.19% in Q1 2021, as against 4.58% growth recorded in the corresponding quarter of 2020. It however improved compared to a contraction of 18.44% recorded in Q4 2020.
  • Also, the manufacturing sector grew by 3.4%, indicating the first expansion in the past three quarters.
  • The financial and insurance sector contracted by 0.46% compared to a growth of 20.79% recorded in Q1 2020, and a 3.63% contraction in Q4 2020.
  • Information and communication sector recorded a growth of 6.31% in Q1 2021, largely driven by growth recorded in the telecommunications sub-activity (+7.69%).

Oil sector

The oil sector contracted by 2.21% in real terms in the first quarter of the year, indicating a decrease of 7.27% points relative to the 5.06% growth rate recorded in the corresponding period of 2020. The contraction can be attributed to the reduction in Nigeria’s oil production during the period.

  • In the first quarter of 2021, average daily oil production stood at 1.72 million barrels per day (mbpd), or 0.35mbpd lower than the average daily production of 2.07mbpd recorded in the same quarter of 2020 but higher than the production volume of 1.56mbpd recorded in the fourth quarter of 2020.
  • Meanwhile, the contribution of the oil sector increased quarter-on-quarter from 8.16% recorded in the previous quarter to 9.25% in Q1 2021. It is however lower than 9.50% recorded in the corresponding period of 2020.

What this means

The growth recorded in Q1 2021, represents the second consecutive positive growth recorded since Nigeria’s economy dipped into recession in the third quarter of 2020. This implies that the economy is recovering from the contractions witnessed last year, although slowly.


Follow us for Breaking News and Market Intelligence.
Tags: FeaturedGDP growth rateNigeria GDPNigerian Economynominal GDPReal GDP
Samuel Oyekanmi

Samuel Oyekanmi

For further inquiries about this article, contact: Email: samuel.oyekanmi@nairametrics.com Twitter: @OYEKANMISAMUEL Linkedln: Samuel Oyekanmi

Related Posts

Nigeria’s 4.23% GDP Growth vs Reality: Are Citizens Truly Better Off? 
Business News

Nigeria’s 4.23% GDP Growth vs Reality: Are Citizens Truly Better Off? 

October 1, 2025
On Drinks and Mics Season 2 episode 4, the gang sat with Affiong Williams, Founder & CEO of Reel Fruit as they argued that businesses remain under strain despite the positive macroeconomic indicators.
Digital Media

GDP Rises, Rates Fall: Why Nigerian Businesses Struggle While Exporters Cash In – Drinks and Mics 

September 27, 2025
Nigeria must grow GDP by 10% annually to achieve $1 trillion economy – Minister 
Economy

Nigeria must grow GDP by 10% annually to achieve $1 trillion economy – Minister 

August 28, 2025
Kashifu Inuwa Abdullahi, Director-General/CEO of the National Information Technology Development Agency, NITDA
Economy

Why We pushed NBS to rebase ICT GDP in Nigeria – NITDA DG 

August 27, 2025
ICT gains N4.1 trillion in 8 months to remain largest sector
Economy

GDP: Nigeria’s ICT sector surges with 31.6% nominal growth in Q1 2025  

July 22, 2025
Nigeria secures World Bank’s approval for $2.25 billion loan to boost reforms 
Economy

World Bank projects Nigeria’s current account surplus to reach 9.4% of GDP by 2026 

April 25, 2025
Next Post
Financing the Agriculture sector

GDP: Agriculture sector grows by 2.28% in Q1 2021

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

arco
arco
access bank
nairametrics
first bank









DUNS

Recent News

  • Naira holds steady at N1,475/$ amid late 2025 stability
  • NCC explains poor telecom service in Lagos, Abuja, other cities 
  • Reimagining leadership, inclusion, and innovation: A diaspora perspective for Nigeria’s future

Follow us on social media:

Recent News

Hand holding Nigerian Naira banknotes fanned out, representing currency exchange or financial context

Naira holds steady at N1,475/$ amid late 2025 stability

October 20, 2025
NCC,

NCC explains poor telecom service in Lagos, Abuja, other cities 

October 20, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics