Data released by the National Bureau of Statistics (NBS) has shown that Nigeria’s gross domestic product(GDP) rose by 0.51% in real terms in the first quarter of the month.
The rise was triggered by the manufacturing sector which recorded a 3.40 per cent(year on year) growth in the firdt quarter(Q1) as well.
This percent is higher than -1.51 per cent and 0.43 percent recorded in the fourth quarter (Q4) of 2020 and first quarter (Q1) of 2020.
This implies that factories, mostly food and beverage companies in the country, produced more in Q1 of 2021 than in Q1 or Q4 of 2020
Generally, the GDP growth rate was slower than the 1.87 per cent reported in Q1 2020, but higher than 0.11 per cent recorded in the fourth quarter (Q4) of 2020.
According to the NBS report, aggregate in Q1 2021 GDP stood at N40.014 trillion in nominal terms. This performance is higher when compared to the N35.647 trillion reported in the first quarter of 2020.
In the first quarter of 2021, average daily oil production stood at 1.72 million barrels per day (mbpd), 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 in Q4 of 2020.
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