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Nigeria’s GDP Expands by 0.51% in First Quarter of 2021

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Nigeria’s Gross Domestic Product (GDP) grew in the first quarter (Q1) of 2021, up from Q4, 2020 levels, albeit at a slower pace than what was recorded in Q1 2020.

Growth printed at 0.51 percent for the quarter to kick off the year, up compared to 0.11 percent in the fourth quarter of 2020 and 1.87 percent in Q1, 2020, the National Bureau of Statistics (NBS) reported late yesterday.

Oil GDP contracted -2.21 percent in Q1, 2021, which is an uplift from the -19.76 percent recorded in Q4, 2020, though down from 5.05 percent growth achieved in QI, 2020.

Non-Oil GDP grew 0.79 percent in Q1 2021, down from 1.69 percent in Q4 2020, and 1.55 percent in Q1, 2020.

Details later…

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