The Nigerian economy recorded a 5.01 per cent annual growth in real terms in the second quarter of 2021, the National Bureau of Statistics said Thursday.

The rise marked the third consecutive quarter of growth following the negative growth rates recorded in the second and third quarters of 2020.

The second quarter growth rate was higher than the -6.10 per cent growth rate recorded in the second quarter of 2020 and the 0.51 per cent recorded in the first quarter of 2021.

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Africa’s biggest economy went into recession in 2020 after two quarters of economic decline as a result of the coronavirus pandemic that shut businesses and economies globally.

This indicates “the return of business and economic activity near levels seen prior to the nationwide implementation of COVID-19 related restrictions”, the NBS said.

“The steady recovery observed since the end of 2020, with the gradual return of commercial activity as well as local and international travel, accounted for the significant increase in growth performance relative to the second quarter of 2020 when nationwide restrictions took effect,” it said.

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