BY VICTORIA ONU, ABUJA
DESPITE the second wave of the COVID-19 pandemic, Nigeria’s economy has fully recovered from recession as Gross Domestic Product rose by 0.51 per cent in the first quarter of 2021.
The National Bureau of Statistics revealed the development on Sunday in its GDP report for the first quarter 2021.
“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,” the NBS said.
The Nigerian economy had grown 0.11 per cent in the fourth quarter of 2020, up from the 6.11 per cent contraction recorded in the third quarter.
The continent’s largest economy fell into a recession after the COVID-19 pandemic hit its major sources of revenues.
Nigeria’s major source of export revenue which is crude oil sales, crashed during the period to a record low.
