- President Muhammadu Buhari has hailed the new report by the National Bureau of Statistics (NBS) about Nigeria's GDP
- The NBS on Thursday, August 26, released the GDP report for the second quarter of 2021 which significant growth
- The latest GDP report by the NBS also indicated that the real GDP (quarter-on-quarter) grew at -0.79% in Q2 2021 compared to Q1 2021
Aso-Rock, Abuja - President Buhari has hailed that report the Q2 2021 report by the Nigerian Bureau of Statistics (NBS), showing a third consecutive quarter of positive growth of Nigeria's economy, as well as the highest quarterly growth in GDP since 2014.
In a statement issued on Thursday, August 26, by the special adviser to the president on media and publicity, Femi Adesina and sent to Legit.ng, the report said that the Gross Domestic Product (GDP) grew by 5.01% in Q2 2021 following 0.51% growth in Q1 2021.
He said the growth, which continues the progress of the preceding two quarters, is a continuing trend reflecting Nigeria's economic rebound following the COVID-19-induced contractions seen in Q1 and Q2 2020.
According to the statement, the non-oil sector is a significant contributor to the economic performance in Q2 2021 with a growth of 6.74% in real terms, the fastest growth in the sector since the third quarter of 2014, adding that the contribution of the non-oil sector to GDP increased from 91.07% in Q2 2020 to 92.58% in Q2 2021.
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President Buhari commended managers of the economy for hard work and commitment, urging them to keep at it till the positive development “touches the lives and pockets of the average Nigerian.”
The main drivers of the Q2 2021 economic growth include Trade, Information and Communication (mainly Telecommunications), Transportation, Electricity, Agriculture (Crop Production) and Manufacturing.
The president noted the decline in real growth in the oil sector in Q2 2021, compared to a year ago. Oil production levels were at 1.62million barrels per day, compared to 1.67million barrels per day in Q2 2020.
He said the lower production output as well as the volatility in oil prices since the beginning of the COVID-19 pandemic, is responsible for the decline in performance of the oil sector.
Buhari assured that recent reforms and efforts like the conclusion of the Marginal Fields Bid Round, the renewed focus on gas development (including the NLNG Train 7 project, and various pipeline construction projects) as well as the passage and assent to the Petroleum Industry Bill (PIB), are certain to attract new investment to the oil and gas sector, and create conditions for more robust levels of growth in the future.
He added that it is gratifying to note that the various policies of the administration, aimed at boosting agricultural production, improving the business environment, and investing massively in infrastructure, are beginning to yield fruit.
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According to him, the positive effects of the Economic Sustainability Plan (ESP), which helped fast-track the country's exit from the COVID-induced recession of 2020, continue to be evident, as some of the sectors driving the Q2 2021 growth have benefited or are benefiting from government-led interventions.
He stated that the successful roll-out of vaccines and COVID-19 protocols has also helped to reduce pressures on the healthcare system and the need for a lockdown.
The president also assured Nigerians that there is much to be optimistic about. He assures that the investments in agriculture and infrastructure will continue, as will on-going efforts to achieve a significant improvement in the security situation across the country.
“There is no doubt that a more secure environment - which the security agencies are working hard to achieve - will spur and energize the shoots of economic progress being seen and felt in the country."
Nigeria’s GDP records 5% growth for 2nd Quarter
Meanwhile, Legit.ng had previously reported that the National Bureau of Statistics (NBS) said Nigeria’s Gross Domestic Product (GDP) grew by 5.01% (year-on-year) in real terms in the second quarter of 2021.
It was reported that the NBS disclosed this in the latest report on the nation’s GDP for the second quarter of 2021 released on Thursday, August 21.
The statistics agency explained that the increase in the GDP index marked three consecutive quarters of growth following the negative growth rates recorded in the second and third quarters of 2020.