By Chioma Obinagwam
Nigeria’s Gross Domestic Product (GDP) expanded by 5 percent in the second quarter of 2021 (Q2:2021) helped by an improvement in the Non-oil GDP.
Confiance News gathered from National Bureau of Statistics (NBS) on Friday.
Extracts from the NBS report showed that the Non-oil GDP grew 6.7 percent Year on Year (y/y) compared to the 6.1 percent y/y contraction in Q2:2020.
Reacting to the GDP report, Afrinvest research, a wealth advisory firm with a focus on West Africa said,”According to the National Bureau of Statistics (NBS), Nigeria’s real GDP growth for Q2:2021, came in at 5.0% y/y, outperforming our projection of 3.6%. This represents the highest quarterly growth numbers since Q4:2014 (5.9% y/y) and is supported by a high base-year effect from Q2:2020 when GDP contracted by 6.1% y/y due to pandemic disruption. Nevertheless, GDP contracted 0.8% q/q, as real GDP in monetary terms printed at ₦16.69tn (vs. Q1:2021: ₦16.83tn).”
The wealth advisory firm, disclosed that the improvement in the Non-oil GDP is on the back of the strong growth recorded in Trade which stood at 22.5 percent y/y, Transportation and Storage grew by 76.8 percent y/y, and Manufacturing which inched up by 3.5 percent y/y.
More so, on a quarter on quarter (q/q) basis, the Non-oil GDP performance represents a 595 basis points (bps) improvement compared to Q1:2021 level of 0.8 percent, Afrinvest said.
