The National Bureau of Statistics has disclosed that the Nigeria’s Gross Domestic Product grew by 0.51 per cent in Q1 2021, compared to the 1.87 per cent growth rate recorded in Q1 2020.
Consequently, economic and financial experts have raised concerns over the development in separate interviews described the Q1 GDP growth as sluggish and weak, as declines were recorded in critical sectors of the economy amid rising poverty and unemployment.
The country emerged from recession in Q4 2020 as the GDP expanded slightly by 0.11 per cent, with annual real GDP growth of -1.92 per cent.
“The Q1 2021 growth rate was slower than the 1.87 per cent growth rate recorded in Q1 2020 but higher than 0.11 per cent recorded in Q4 2020, indicative of a slow but continuous recovery,” the NBS said in the GDP report for Q1 2021.
According to the report, real GDP grew at -13.93 per cent in Q1 2021, compared to Q4 2020, reflecting a generally slower pace of economic activities at the start.