The National Bureau of Statistics has said that the 2nd Quarter 2021 Gross Domestic Product estimates measure economic growth.
During the quarter, Nigeria’s Gross Domestic Product GDP grew by 5.01% in real terms, resulting in the third consecutive quarter of growth since last year’s slowdown.
This was contains in a statement release issued by National Beareu of stations today Friday.
The release further stated that the strongest real GDP growth the economy has recorded since fourth Quarter of the year 2014.
Adding that The 2021 second quarter growth rate reflects much better economic performance compared to the same period last year, which recorded -6.10% growth rate.
The statement further emphasis that the previous quarter growth rate of 0.51%, on a year-on-year basis.
Broadly speaking, the Services sector recorded a strong performance growing at 9.27% during the quarter representing the fastest growth in the services sector since 2010.
Beareu of Statistics has also interpreted that the non-oil sector waspte a major driver of growth during the quarter, recording a growth rate of nearly 7% which represents the fastest growth in the non oil sector since third quarter of 2014.
These figures indicate that business and commercial activities are fully returning to pre-pandemic levels as restrictions to movement, business activities, as well as domestic and international travel have been relaxed.
Addimg that normalcy returns across major economies, and local conditions continue to improve to allow business activities, the Nigerian economy is expected to maintain a steady path to more inclusive growth.