PRESIDENT BUHARI LAUDS GDP 5.01% GROWTH IN Q2 2021

President Buhari welcomes today’s Q2 2021 report by the Nigerian Bureau of Statistics, showing a third consecutive quarter of positive growth of Nigeria’s economy, as well as the highest quarterly growth in GDP since 2014.

The Gross Domestic Product (GDP) grew by 5.01% in Q2 2021 following 0.51% growth in Q1 2021. This growth, which continues the progress of the preceding two quarters, is a continuing trend reflecting Nigeria’s economic rebound following the COVID-19-induced contractions seen in Q1 and Q2 2020.

The non-oil sector is a significant contributor to the economic performance in Q2 2021 with growth of 6.74% in real terms, the fastest growth in the sector since the third quarter of 2014. The contribution of the non-oil sector to GDP increased from 91.07% in Q2 2020 to 92.58% in Q2 2021.

The President commends managers of the economy for hard work and commitment, urging them to keep at it till the positive development “touches the lives and pockets of the average Nigerian.”

The main drivers of the Q2 2021 economic growth include Trade, Information and Communication (mainly Telecommunications), Transportation, Electricity, Agriculture (Crop Production) and Manufacturing.

The service sector, specifically, recorded its strongest performance in more than a decade, growing at 9.27%.

These main growth drivers of this second quarter performance are reflective of the gains from easing restriction of movement locally and internationally, and the improvement in the business and economic environment compared to the same period in 2020.

The President notes the decline in real growth in the oil sector in Q2 2021, compared to a year ago. Oil production levels were at 1.62million barrels per day, compared to 1.67million barrels per day in Q2 2020. The lower production output as well as the volatility in oil prices since the beginning of the COVID-19 pandemic, is responsible for the decline in performance of the oil sector.

President Buhari assures that recent reforms and efforts like the conclusion of the Marginal Fields Bid Round, the renewed focus on gas development (including the NLNG Train 7 project, and various pipeline construction projects) as well as the passage and assent to the Petroleum Industry Bill (PIB), are certain to attract new investment to the oil and gas sector, and create conditions for more robust levels of growth in the future.

It is gratifying to note that the various policies of the administration, aimed at boosting agricultural production, improving the business environment, and investing massively in infrastructure, are beginning to yield fruit. Equally gratifying is the complementary news of the steady decline in the rate of inflation, over the last few months.

The positive effects of the Economic Sustainability Plan (ESP), which helped fast-track the country’s exit from the COVID-induced recession of 2020, continue to be evident, as some of the sectors driving the Q2 2021 growth have benefited or are benefiting from government-led interventions.

The successful roll-out of vaccines and COVID-19 protocols has also helped to reduce pressures on the healthcare system and the need for a lockdown.

Looking to the future, the President assures Nigerians that there is much to be optimistic about. He assures that the investments in agriculture and infrastructure will continue, as will on-going efforts to achieve a significant improvement in the security situation across the country.

“There is no doubt that a more secure environment - which the security agencies are working hard to achieve - will spur and energize the shoots of economic progress being seen and felt in the country,” the President said.

Femi Adesina
Special Adviser to the President
(Media and Publicity)
August 26, 2021

You keep using stupid economic achievement to cover up killings by Fulani terrorist.

Shame on you guys, blood sucking demons.

Buhari - May you and your children experience the growth Nigeria is experiencing now in Jesus' Name

Unbelievable. Even the presidency did not understand the report released by nbc.

Somebody help adeshina interprete the report

Are you guys sure that Buhari knows he is the president of this country??

Keep deceiving your zombies.

This man is just being plainly and openly wicked!!. What policies did he make that caused the 5% growth if I may ask. Talk of economics Naira is on a free fall with inflation and yet what the media is giving is statistics that ain't affecting lives... If this where to be a negative statistics it would have long affected before now but look at this one, no one is feeling it.
On the other hand other national pressing issues like Fulani herdsmen are there but as the chief terrorist he will not comment on that! Mtchewww!

:oHilarious
The baboons will be soaked in bloods, that's what this fulani president promised now his foot soldiers are doing as promised. "Fulani jihadist, fulani herdsmen, fulani kidnappers, fulani bandits" unfortunately the NPF, NA are being recruited to give support to the fulanis!


It will take decades if not centuries for Nigerians to forgive the fulanis for this atrocities committed against humanity.

Werey

Zombie govt

Imagine!
These figures make no sense. What's the employment rate? What's the inflation rate? How many people live on more than 1 USD per day? What's the foreign exchange rate? What about foreign direct investment?

These people should stop telling lies and insulting our sensibilities.

May God help us

Incompetent fools

I can only respect external ratings and reports, not the one brought to the fore by the NBC

History555:
Somebody help adeshina interprete the report

I was even trying to reconcile this growth with the current core inflationary figures which is eating hard on the commoners

Someone should please tell the sleepy Joe at aso rock that
Bag of cement is now #5000
Kerosene #370
Gas times 3 of the former price.
1 Dollar = #523

The masses are in hunger, I don't know what he is talking about.

Audio

Does he know what GDP means
Ever dummy president I have seen so far

The Nigeria of my dream has not come true.





Our leaders should try crate challenge

Useless clueless man

He is celebrating his achievement.

I am begining to doubt Buhari knows what he's saying, possibly he's doing translation cos this is not the same Buhari who spoke to us emphatically when he was elected

Abeg make 2023 come fast, I can't wait.

Thunder fire you buhari

a

very insignificant

Records are they for all to see. The peoples General works in silence, putting his critics to shame.

J