Nigeria GDP Rises in 1st-Quarter, Signals Slow Recovery

Nigeria GDP Rises in 1st-Quarter, Signals Slow Recovery

By Bashir Olanrewaju

Nigeria’s economy grew 0.51 percent in the first quarter,  an improvement from the preceding one, but still too weak to offset rising poverty and improve jobs.

The figure compares with 0.11 percent recorded in the fourth quarter of last year and the year-on-year number of 1.87 percent from the same period in 2020, according to data released by the National Bureau of Statistics.

The contribution of crude oil, Nigeria’s main export, to the GDP shrank 2.21 percent in the first quarter, compared with a decline of 19.76 percent in the preceding quarter.  Non-oil GDP rose 0.79 percent, consolidating on the 1.69 percent growth recorded in the last quarter of 2020.

Nigeria’s economy was devastated by the combined effect of the lockdown occasioned by the coronavirus pandemic and the loss of revenue due to the consequent plunge in demand for oil.