Nigeria's Real GDP Grew by 0.51% YoY in Q1 2021 - NBS

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Sunday, May 23, 2021 06:00 PM / by NBS/ Header Image Credit:  NBS


Overview of GDP in Quarter One 2021

Nigeria's Gross Domestic Product (GDP) grew by 0.51%(year-on-year) in real terms in the first quarter of 2021, marking two consecutive quarters of growth following the negative growth rates recorded in the second and third quarters of 2020. The Q1 2021 growth rate was slower than the 1.87% growth rate recorded in Q1 2020 but higher than 0.11% recorded in Q4 2020, indicative of a slow but continuous recovery. Nevertheless, quarter on quarter, real GDP grew at -13.93% in Q1 2021 compared to Q4 2020, reflecting a generally slower pace of economic activities at the start of the year.

 

In the quarter under review, aggregate GDP stood at   N40,014,482.74 million in nominal terms. This performance is higher when compared to the first quarter of 2020 which recorded aggregate GDP of N35,647,406.08 million, indicating a year on year nominal growth rate of 12.25%. The nominal GDP growth rate in Q1 2021 was higher relative to 12.01% growth recorded in the first quarter of 2020 as well as the 10.07% growth recorded in the preceding quarter. For better clarity, the Nigerian economy has been classified broadly into the oil and non-oil sectors.

 

 Figure1: Real GDP Growth

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The Oil Sector 

In the first quarter of 2021, average daily oil production stood at 1.72 million barrels per day (mbpd), or 0.35mbpd lower than the average daily production of 2.07mbpd recorded in the same quarter of 2020 but higher than the production volume of 1.56mbpd recorded in the fourth quarter of 2020. (Figure2).

 

Figure 2: Crude Oil Output (MBPD)

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The oil sector recorded real GDP growth rate of -2.21% (year-on-year) in Q1 2021 indicating a decrease of -7.27% points relative to the growth rate recorded in the corresponding quarter of 2020 (5.06%). Compared to Q4 2020 which recorded -19.76% growth rate, growth in Q1 2021 was higher by 17.55% points. Quarter-on-quarter, the oil sector recorded a growth rate of 35.65% in Q1 2021.  In terms of contribution to aggregate GDP, the Oil sector accounted for 9.25% of aggregate real GDP in Q1 2021, slightly lower than 9.5% recorded in the corresponding period of 2020 but higher than in the preceding quarter, where it contributed 5.87%. 

 

The Non-Oil Sector 

The non-oil sector grew by 0.79% in real terms in Q1 2021, which was -0.75% points lower compared to the rate recorded in the same quarter of 2020 and -0.89% points lower than rates recorded in the fourth quarter of 2020. Growth in the non-oil sector was driven mainly by the Information and Communication (Telecommunication) sector while other drivers include Agriculture (Crop Production); Manufacturing (Food, Beverage & Tobacco); Real Estate; Construction and Human Health & Social Services. In real terms, the Non-oil sector accounted for 90.75% of aggregate GDP in the first quarter of 2021, higher than its share in the first quarter of 2020 which was 90.50% but lower than 94.13% recorded in the fourth quarter of 2020. 

 

 Figure 3: Crude Oil and Non-Oil Growth

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 Click Here to Download Q1 2021 GDP PDF Report


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Latest 2021 NBS Reports

 

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Q2 2021

1.      Average Prices of PMS, AGO, HHK and Cooking Gas - April 2021

2.     Headline Inflation Increases by 18.12% YoY In April 2021, 0.05% Lower Than March 2021 Rate - NBS

3.     416 Movies Produced in Q1 2021 - NBS

4.     N392.77bn Generated as CIT in Q1 2021 - NBS

5.     N496.39bn Generated as VAT in Q1 2021 - NBS

6.     Banking Sector Records 3.46bn Volume of Transaction in Q4 2020 - NBS

7.     Average Price of 1kg of Tomato Decreased by -0.64% MoM in March 2021 - NBS

8.     Average Fare for Bus Journey Within City Increased by 4.42% MoM in March 2021 - NBS

9.     N1.31trn Generated as IGR in 2020 - NBS

10.  Headline Inflation Increases by 18.17% YoY In March 2021, 0.82% Higher Than February 2021 Rate - NBS

11.   Average Prices of PMS, AGO, HHK and Cooking Gas - March 2021

12.  Real Household Consumption Expenditure Growth Rate Stood at 0.18% in 2020 - NBS

13.  All Commodity Group Import Index Grew By 0.13% in Q4 2020 - NBS

14.  38.60% of Nigeria's Total Public Debt Was External in Q4 2020 - NBS

 

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Q1 2021

15.  Average Price of 1kg of Tomato Increased by 11.33% YoY in February 2021 - NBS

16.  Average Fare Paid by Commuters for Intercity Journey Increased by 1.13% MoM in February 2021 - NBS

17.  FAAC Disburses N619.34bn in January 2021 - NBS

18.  Average Prices of PMS, AGO, HHK and Cooking Gas - February 2021

19.  Active Voice Subscribers Declined by -0.32% QoQ in Q4 2020 - NBS

20. Headline Inflation Increases by 17.33% YoY In February 2021, 0.86% Higher Than January 2021 Rate

21.  Nigeria's Unemployment Rate Increases to 33.3% in Q4 2020 from 27.1% in Q2 2020 - NBS

22. Total Trade Higher By 8.9% in Q4 2020, Lower By 10.3% in FY 2020

23. Average Price of 1kg of Tomato Decreased by -6.59% MoM in January 2021

24. Average Prices of PMS, AGO, HHK and Cooking Gas - January 2021

25. Nigeria Exits Recession, Real GDP Grew by 0.11% in Q4 and -1.92% in Full Year 2020

26. Headline Inflation Increases by 16.47% YoY In January 2021, 0.71% Higher Than December 2020 Rate

27. FAAC Disburses N2.49trn to FG and N2.30trn to States in Year 2020 - NBS

28. FAAC Disburses N601.11bn in December 2020 - NBS

29. FAAC Disburses N604.00bn in November 2020 - NBS

30. Total Value of Capital Importation into Nigeria Stood at US$1,069.68m in Q4 2020 - NBS

31.  N295.72bn Generated as Company Income Tax in Q4 2020 - NBS

32. N454.69bn Generated as Value Added Tax in Q4 2020 - NBS

33. Average Price of 1kg of Tomato Increases by 17.51% YoY in December 2020 - NBS

34. Average Air Fare Increases by 18.54% YoY in December 2020 - NBS

35. Average Prices of PMS, AGO, HHK and Cooking Gas - December 2020

36. Headline Inflation Increases by 15.75% YoY In December 2020, 0.86% Higher Than November 2020 Rate

37. 62.18% of Nigeria's Total Public Debt as of Q3 2020 Was Domestic - NBS

38. Active Voice Subscribers Grew by 4.59% in Q3 2020 - NBS



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