GDP: Agric contribution improves in 2021 second quarter

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The figure is lower than the contribution in the second quarter of 2020 which stood at 24.65 per cent.

Nigeria’s agricultural sector contributed 23.78 per cent to the country’s overall Gross Domestic Product (GDP) in the second quarter of 2021, the Nigerian Bureau of Statistics (NBS) has said.

The figure is lower than the contribution in the second quarter of 2020 which stood at 24.65 per cent but higher than the first quarter of 2021 which recorded 22.35 per cent.

This was disclosed in the NBS GDP report Q2 2021 published Thursday.

The report noted that four sub-activities make up the country’s agricultural sector: crop production, livestock, forestry and fishing.

It stated that the sector grew by 6.36 per cent year-on-year in nominal terms in Q2 2021, indicating a fall of -13.54 per cent points from the same quarter in 2020.

“Compared with the preceding quarter’s growth rate of 15.14 per cent this represented a decrease of -8.78 per cent points,” the report reads.

It said crop production remains the major driver of the sector, accounting for 68.60 per cent of the overall nominal growth of the sector in Q2 2021.

However, the NBS report said the sector’s quarter-on-quarter growth stood at 1.03 per cent in the second quarter of 2021.

“On a half year basis, the sector grew 1.77 per cent in 2021 compared to 1.88 per cent for the first half of 2020.

“On a quarter on quarter basis, the sector grew at 5.55 per cent,” the report highlighted.

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Source: Premium Times

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