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.

 

InFocus

(file photo).

Don't Miss

AllAfrica publishes around 800 reports a day from more than 130 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.

X