A university don, Prof. Uche Uwaleke has declared that the first quarter (Q1 2021) GDP report reflects an economy already on the path of gradual economic recovery with a positive real GDP growth rate following that recorded in the previous quarter.
National Bureau of Statistics (NBS) reported, on Sunday, that the economy grew 0.51 per cent year on year during the quarter under review.
“Although still weak at 0.51per cent, it is interesting to note that the manufacturing sector is now out of the negative territory increasing from -1.51% to 3.40per cent.
“Equally noteworthy is the moderation in the negative performance in sectors like Trade, Accommodation and Education.
“The increase recorded in the Health sector from 3.05per cent in Q4 of 2020 to 4.65per cent clearly shows that the country is winning the war against the COVID-19 pandemic.”
He stated that the report also revealed a disturbing pattern in the real GDP growth rate.
“Declines were recorded in critical sectors of the economy such as Agriculture, ICT, Real Estate and Transportation.
“This may not be unconnected with the rising insecurity in the country.
“That the non-oil sector dropped should be of concern to both the fiscal and monetary authorities,” he noted.
In the report, aggregate GDP stood at N40.01 trillion in nominal terms as against N35.65 trillion recorded in Q1 2020, while real GDP stood at N16.83 trillion in the review quarter.
The oil sector contracted by 2.21per cent (year-on-year) in Q1 2021, while the non-oil sector grew by 0.79per cent during the quarter.
Non-oil sector growth 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.
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