• 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 further by 5.01% in Q2 2021

Samuel Oyekanmi by Samuel Oyekanmi
August 26, 2021
in GDP, Macros, Spotlight
GDP
Share on FacebookShare on TwitterShare on Linkedin

Nigeria’s Gross Domestic Product (GDP) grew by 5.01% (year-on-year) in real terms in the second quarter of 2021, marking three consecutive quarters of growth following the negative growth rates recorded in the second and third quarters of 2020.

This is according to the recently published GDP report, released by the National Bureau of Statistics (NBS).

The 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.

RelatedStories

GDP

Nigeria’s GDP growth hits 3.84% in Q4 2024, driven by services sector 

February 25, 2025
GDP

Q4 2024 GDP growth expected to exceed 3.46%, but full-year growth may fall short, says experts

February 25, 2025

The non-oil sector grew by 6.74% in real terms while the oil sector declined by 12.65% year-on-year.

The contribution of the non-oil sector grew from 90.75% recorded in the previous quarter to 92.58% in Q2 2021 while the oil sector contribution declined from 9.25% to 7.42%.

Year to date, real GDP grew 2.70% in 2021 compared to -2.18% for the first half of 2020. Nevertheless, quarter on quarter, real GDP grew at -0.79% in Q2 2021 compared to Q1 2021, reflecting slightly slower economic activity than the preceding quarter due largely to seasonality.

Oil sector

The oil sector contracted by 12.65% (year-on-year) in Q2 2021 indicating a decrease of –6.02% points relative to the growth rate recorded in the corresponding quarter of 2020. Growth decreased by -10.44% points when compared to Q1 2021 which was –2.21%.

In Q2 2021, average daily oil production stood at 1.61 million barrels per day (mbpd), which is -0.19 mbpd lower than the average daily production of 1.81 mbpd recorded in the same quarter of 2020 and -0.10 mbpd lower than the 1.72 mbpd recorded in the first quarter of 2021.

Also, in the first half of 2021, real GDP was recorded at -7.13%, compared to -0.80% for the first half of 2020, the performance reflecting lower oil output. Quarter-on-quarter, the oil sector recorded a growth rate of -20.35% in Q2 2021.

Non-oil sector

The non-oil sector grew by 6.74% in real terms in the review period (Q2 2021). The Q2 2021 growth rate was higher by 12.80% points compared to the rate recorded in the same quarter of 2020 and 5.95% points higher than the first quarter of 2021.

During the quarter, the sector was driven mainly by growth in Trade, Information and Communication (Telecommunication), Transportation (Road Transport), Electricity, Agriculture (Crop Production) and Manufacturing (Food, Beverage & Tobacco).

This reflects the easing of the restrictions on movement, business and economic activity across the country compared to the corresponding period of 2020.

Fastest growing sectors

According to the report, Electricity, gas, steam and air conditioning supply recorded the highest year-on-year in sectoral growth with 78.19% expansion rate, followed by the transportation and storage sector which grew by 76.8% in the review period.

Others include Trade (22.5%), Water supply and waste management (18.5%), ICT (5.5%), and human health services with 4.9% growth rate.

What this means

The latest GDP figures is an indication of recovery from the economic recession recorded in the previous year, largely attributed to ease on the restriction of movement and the resumption of economic activities. However, the growth of 5.01% is also this high due to the significant dip recorded in the corresponding period of 2020.

Tags: FeaturedGDP growth
Samuel Oyekanmi

Samuel Oyekanmi

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

Related Posts

GDP
Breaking News

Nigeria’s GDP growth hits 3.84% in Q4 2024, driven by services sector 

February 25, 2025
GDP
Economy

Q4 2024 GDP growth expected to exceed 3.46%, but full-year growth may fall short, says experts

February 25, 2025
Manufacturers Association expects rising import costs amid naira float
Economy

Nigeria’s manufacturing sector struggles as GDP growth crashes by 90.11%

November 25, 2024
African Group recommends Dr. Okonjo-Iweala for second term as WTO Director-General 
Economy

Nigeria’s average GDP growth rate has remained negative since 2014 – Okonjo-Iweala 

August 26, 2024
President Bola Tinubu , Nigeria
Economy

Nigeria’s GDP projected to reach 2014 level of $552 billion by 2031- Report 

July 7, 2024
Nigerian Banks
Financial Services

Analysts warn of asset liability risks as Nigerian banks scale up for $1 trillion economy 

July 4, 2024
Next Post
Can your current security system prevent fire outbreaks?

Can your current security system prevent fire outbreaks?

Leave a Reply Cancel reply

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

nlng
Zenth Bank
Emple
first bank
Zenth Bank








DUNS

Recent News

  • UK considers new visa program to attract wealthy foreign Investors 
  • Lagos govt shuts Lekki restaurant over illegal waste dumping, arrests suspects 
  • MPC likely to hold MPR at 27.5%, but room remains for a modest hike 

Follow us on social media:

Recent News

US work permits, extension period for work permits, USCIS,

UK considers new visa program to attract wealthy foreign Investors 

May 17, 2025
Lagos govt mandates permits for amplified sound in nightclubs, worship centres 

Lagos govt shuts Lekki restaurant over illegal waste dumping, arrests suspects 

May 17, 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