The Nigerian economy recorded a 5.01 per cent annual growth in real terms in the second quarter of 2021.
According to a report by the National Bureau of statistics, the rise marked the third consecutive quarter of growth following the negative growth rates recorded in the second and third quarters of 2020.
Also, the second quarter growth rate was higher than the -6.10 per cent growth rate recorded in the second quarter of 2020 and the 0.51 per cent recorded in the first quarter of 2021.
The report read,
“The Q2 2021 growth rate was higher than the -6.10% growth rate recorded in Q2 2020 and the 0.51% recorded in Q1 2021 year-on-year, indicating the return of business and economic activity near levels seen prior to the nationwide implementation of COVID-19 related restrictions,” the report read.
“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.
“Year to date, real GDP grew 2.70% in 2021 compared to -2.18% for the first half of 2020.”
Nigeria’s economy went into recession in 2020 after two quarters of economic decline as a result of the coronavirus pandemic that shut businesses and economies globally.