The new report released by the National Bureau of Statistics (NBS) confirms for the third time, a quarterly increase in Nigeria's growth. Gross domestic product (GDP) grew 5.01% year-on-year in the second quarter of 2021.

After the negative rates recorded in the second and third quarters of 2020, the Nigerian economy is returning to good performance. This recovery, it is said, is explained by the gradual return of commercial activity as well as local and international travel. Quarters 2 and 3 of the year 2020 being marked by the restrictions imposed in the country to fight against the spread of the coronavirus (Covid-19). This increase in growth is driven by the non-oil sector, which grew by 6.74% in real terms, while the oil sector fell by 12.65%. For its part, the GDP of the finance and insurance sector contracted by 2.48%, after a decline of 0.46% in the previous quarter. For the first half of the year as a whole, real GDP increased by 2.7% against a fall of 2.18% over the first six months of 2020.