Nigeria’s economy grew 5.01 percent between April and June this year, shaking off the sluggishness of two previous quarters, as business activities recovered from the effects of coronavirus lockdowns while the price of crude oil, the country’s main export, rose in global markets.
“The steady recovery observed since the end of 2020, with the gradual return of commercial activity as well as local and international travel, accounted for the significant increase in growth performance relative to the second quarter of 2020 when nationwide restrictions took effect,” the National Bureau of Statistics said in the report released on Thursday on its website.
Oil prices had plunged with demand disappearing as lockdowns took hold worldwide to combat the spread of the coronavirus pandemic, with local movement restrictions putting an additional strain on the economy. The decline in export receipts has increased pressure on the naira, which has since lost considerable value against major international currencies, thereby helping to fuel inflation.
Nigeria’s non-oil sector, comprising 92.58 percent of the economy, was the main driver for growth in the second quarter as it rose 6.74 percent. Top performers included trade, telecommunications, transportation, agriculture and manufacturing, particularly the foods, beverages and tobacco segment.