Nigeria’s trade sector

In Q1 of 2021, according to the GDP report that was published by the National Bureau of Statistics (NBS), the Nigeria trade sector contracted by 2.43% in real terms.

The contracts of 2.43% which was the recorded growth rate represent 0.39% points higher than the 2.82% contraction recorded in the same period of 2020 and 0.77% points higher than -3.2% recorded in the previous quarter (Q4 2020).

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Quarter-on-quarter growth stood at -13.10%, which is higher than the quarter-on-quarter growth recorded in the first quarter of 2020 at -13.79%

However, nominally, the impact of inflation is not always taken into account, the trade sector’s year-on-year growth stood at 0.13%. This means they have been an increase in about 0.4% points when compared to the contraction of 0.27% recorded in Q1 2020.

A perfunctory look at the trend shows that the last time the trade sector recorded positive real term growth was Q1 2019 when it posted a 0.85% real GDP growth. This means that the sector’s negative performances in recent times might not be attributed to the pandemic.

Importance point to note

According to a source,

  • Nigeria’s economy recorded a tepid growth of 0.51% in the first quarter of 2021, marking two consecutive quarters of growth following the economic recession recorded in 2020.
  • The oil sector accounted for 9.25% of the quarterly GDP, while the non-oil sector accounted for 90.75% of the total GDP.
  • Real GDP stood at N16.83 trillion in the period, while nominal GDP was estimated at N40.14 trillion.
  • Trade’s contribution to GDP was 15.61%, which is lower than the 16.08% recorded in Q1 2020, but higher than the 15.46% recorded in the fourth quarter of 2020.
  • The trade sector real GDP was estimated at N2.63 trillion in Q1 2021, with nominal GDP standing at N5.39 trillion.

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