The recently released GDP report by the National Bureau of Statistics shows how the Nigerian economy performed in the first quarter of 2021.
Nigeria’s Gross Domestic Product grew 0.51 percent in Q1 2021 compared to a growth of 1.87 percent recorded in Q1 2020.
The Q1 2021 growth rate was slower than the 1.87 percent growth rate recorded in Q1 2020 but higher than 0.11 percent recorded in Q4 2020, indicative of a slow but continuous recovery.
These were the best performing sectors in the first quarter of 2021.
Metal Ores
The Metal Ores sector emerged as the best performing sector in Q1 2021, growing 28.8 percent compared to a contraction of 4.10 percent in Q1 2020 and a contraction of 5.85 percent in 2020.
However, the overall mining and quarrying sector still contracted 2.19 percent, dragged by Quarrying and other minerals, crude petroleum and natural gas, which contracted 59.7 and 2.21 percent respectively while coal mining grew by just 0.66 percent.
Water supply, sewerage, waste management and remediation
The water supply and waste management sector took the second spot of top performers, growing by 14.75 percent in Q1 2021 compared to a contraction of 0.81 percent in Q1 2020 and 3.81 percent in 2020.
Cement
The Cement emerged as the third performing sector in Q1 2021, growing by 11.20 percent compared to 1.67 percent in the Q1 2020 and 3.88 percent in 2020.
The overall manufacturing sector grew 3.40 percent in Q1 2021 from 0.43 in the same period last year.
Electricity, Gas, Steam and Air Conditioning Supply
The electricity, gas, steam, and air conditioning supply sector also grew 8.66 percent in Q1’21 compared to a contraction of 2.31 percent in Q1’20 and a contraction of 2.90 percent in 2020.
Telecommunications
The Telecommunications sector took the fifth spot growing by 7.69 percent in Q1’21 compared to 9.71 percent growth in Q1’ 2020 and 15.9 percent in 2020.
The information and communications sector grew 6.31 percent in the first quarter of 2021, down from 9.9 percent recorded in the same period last year.
Worst performers in Q1 2021
While some sectors performed well in the first quarter of the year, some other sectors have performed poorly compared to others. These sectors are;
Quarrying and other minerals
The Quarrying and other minerals sector contracted by 59.78 percent in Q1’21 compared to a contraction of 83.05 percent in the previous year. Surprisingly, this sector grew 21.16 in 2020.
Oil refining
Oil refining contracted 57 percent in the first quarter of 2021 compared to a contraction of 52.81 percent in the same period last year and 62.2 percent recorded in 2020.
Road transport
The road transport sector also contracted by 23.75 percent in Q1’ 2021 compared to a growth of 2.83 percent in Q1 2020, and 22.25 percent in 2020.
Transportation and storage
In the first quarter of 2021, the transportation and storage contracted 21.89 percent in Q1 2021 compared to a growth of 2.83 percent in the first quarter of 2020. The sector also contracted 22.26 percent in 2020.
Air transport
The Air transport contracted by 11.78 percent in Q1’2021 compared to 5.68 percent in Q1’2020. In 2020, the sector contracted by 36.9 percent in 2020.
Source: Business Day
