Despite Covid-19 Challenges, Nigeria's Economy Growing Again

Nigeria's economy grew 0.5% in the first quarter, lifted by higher crude production and oil prices, as well as manufacturing production increasing for the first time in a year, according to the country's National Bureau of Statistics report. The report highlights two consecutive quarters of growth following the negative growth rates recorded in the second and third quarters of 2020. The NBS has said that the non-oil sector, which the government is trying to make the main growth sector, rose 0.79% in the first quarter. Telecoms, crop production, real estate, food manufacturing and construction lifted growth in the quarter. Nigeria had been grappling with low growth before the novel coronavirus pandemic triggered a recession and created large financing gaps, including dollar shortages and inflation, due to the shut down of various industries, as well as travel.