Nigeria’s GDP grew by 5.01% in Q2 2021
'Nigeria’s Gross Domestic Product (GDP) grew by 5.01% (year-on-year) in real terms in the second quarter of 2021, marking three consecutive quarters of growth following the negative growth rates recorded in the second and third quarters of 2020', according to National Bureau of Statistics, reported by Premium Times.
Other notable numbers:
Manufacturing GDP in Nigeria: "Nigeria’s manufacturing sector recorded real GDP growth of 3.49% (year-on-year) in the second quarter of 2021 compared to a decline of 8.78% recorded in the corresponding period of 2020. This is according to the GDP report released by the National Bureau of Statistics (NBS)."
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The finance and insurance sector GDP Decline: "According to the second-quarter Gross Domestic Production (GDP) report released by the Nigerian Bureau of Statistics (NBS), the finance and insurance sector contracted by 2.48% in Q2 2021, from contributing approximately N637 billion in the second quarter of 2020 to N621 billion in the second quarter of 2021. This shows a further deepening in the sector which declined by 0.46% in the first quarter of the year."
While this is far from where we ought to be, it is still a good one. We need to be hitting over 12% growth to offset past woes.
Good evening.
