Nigeria’s economy has recorded a positive growth of 0.51% in the first quarter of 2021 amidst the coronavirus pandemic; this is according to a report published by the statistics office on Sunday.
The latest report highlighted two consecutive quarters of growth following the negative growth rates recorded in the second and third quarters of last year.
The National Bureau of Statistics (NBS), in its report titled ‘Nigeria’s Quarterly Gross Domestic Product (GDP),’ said the first quarter growth rate was slower than the 1.87% growth rate recorded in quarter one of 2020.
It was, however, higher than the 0.11% recorded in quarter four 2020, NBS said.
This, the agency said, is a pointer to a slow but continuous recovery, as Nigeria, like most parts of the world, continues to manage the COVID-19 pandemic that has caused over 2,000 deaths in Nigeria and over three million deaths globally.
Analysis has further shown that quarter on quarter, real GDP grew at 13.93% in Q1 2021 compared to Q4 2020.
This reflects a generally slower pace of economic activities at the start of the year, the report said.
In the quarter under review, aggregate GDP stood at N40 million in nominal terms, NBS added. This performance is higher when compared to the first quarter of 2020 which recorded aggregate GDP of
N35.6 million, resulting in a nominal growth rate of 12.25%.