Nigeria’s Gross Domestic Product (GDP) once again entered negative territory in the second quarter of 2021, growing at -0.79% when compared with the first quarter of the year.
According to the National Bureau of Statistics (NBS), GDP grew at 0.5% during the first quarter of the year.
Year on year however GDP grew by 5.01% in real terms in the second quarter of 2021.
The sluggish second quarter growth marked three consecutive quarters of growth following the negative growth rates recorded in the second and third quarters of 2020.
The economy was in complete lockdown during the second quarter of 2020.
According to NBS, business activities 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.
“Year to date, real GDP grew 2.70% in 2021 compared to -2.18% for the first half of 2020.
“In the quarter under review, aggregate GDP stood at N39,123,713.32 million in nominal terms, higher than the second quarter of 2020 with aggregate GDP of N34,023,197.60 million, indicating a year on year nominal growth rate of 14.99%.
“The nominal GDP growth rate in Q2 2021 was higher than -2.80% growth recorded in the second quarter of 2020 when economic activities slowed sharply at the outset of the pandemic.
“The Q2 2021 nominal growth rate was also higher than 12.25% growth recorded in Q1 2021.”