Nigeria’s Economy Records 0.51%  Growth In Q1 

Yemisi Izuora

The National Bureau of Statistics, NBS, has revealed that Nigeria’s economy grew 0.51 per cent in the first three months of 2021 up on the previous quarter as COVID-19 pandemic lockdowns eased and oil prices rose.

The Bureau, observed that e Q1 2021 growth rate was slower than the 1.87 per cent growth rate recorded in Q1 2020 but higher than 0.11 per cent recorded in Q4 2020, indicative of a slow but continuous recovery.

The NBS said the non-oil sector, which the government is trying to make the main growth sector, rose 0.79 per cent in the first quarter, while Telecoms, crop production, real estate, food manufacturing and construction lifted growth in the quarter.

Oil, which accounts for around two-thirds of government revenue and 90 per cent of foreign exchange, contracted 2.21 per cent in the first quarter as crude production rose to 1.72 million barrels per day from the fourth quarter.

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