BusinessNigeria’s agricultural sector records 1.3% growth in Q2 2021...

Nigeria’s agricultural sector records 1.3% growth in Q2 2021 – Nairametrics

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Nigeria’s agricultural sector grew by 1.3% (year-on-year) in real terms in the second quarter of 2021, a decrease compared to 1.58% recorded in the same period of 2020, and a decrease of -0.97% points from the Q1 2021 which recorded a growth rate of 2.28%.

So far, the sector has grown by 1.77% in 2021 compared to 1.88% for the first half of 2020.

This was disclosed in the Q2 2021 GDP report, released by the National Bureau of Statistics (NBS) on Sunday. As Nigeria’s Gross Domestic Product (GDP) grew by 5.01% (year-on-year) in real terms in the second quarter of 2021.

NBS added that Crop Production grew by 1.38% in Q2 2021 from 2.31% in Q1 2020 and 1.44% in Q2 2020.

Investment One
  • Livestock under agriculture sector grew by 0.13% in Q2 2021 from 1.65% in Q1 2020 and 2.26% in Q2 2020.
  • Forestry under agriculture sector grew by 1.06% in Q2 2021 from 1.28% in Q1 2020 and 1.08% in Q2 2020.
  • Fishing recorded a growth of 2.27% in Q2 2021 from 3.24% in Q1 2020 and 5.68% in Q2 2020.

The report added that by contribution, the sector accounted for 23.78% of overall GDP in real terms in Q2 2021, lower than the contribution in the second quarter of 2020 which stood at 24.65% but higher than the first quarter of 2021 which recorded 22.35% and also contributed 22.13% to nominal GDP in the second quarter of 2021.

What you should know

The 2020 Agric GDP had recorded a growth of 2.17% compared to 2.36% recorded in the previous year (2019).

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