The recently released GDP data by the National Bureau of Statistics reports an expansion of 5.01% YoY in real GDP for Q2:2021. This was mainly due to a low Q2:2020 base when real GDP contracted by 6.10% YoY. Total real GDP for the quarter stood at NGN16.69trn (vs NGN15.90trn in Q2:2020) as non-oil GDP expanded (+6.74% YoY), while oil GDP contracted (-12.65% YoY). The growth in the non-oil sector was driven by expansion in the Information & Telecommunication (+5.50% YoY), Manufacturing (+3.49% YoY), and Agriculture (+1.30% YoY) sectors, while the contraction in the oil sector was due to lower oil production in the quarter (1.61mbpd), compared to Q2:2020 (1.81mbpd).
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