Here Are Nigeria's Best And Worst Performing Sectors Today

According to the Nigerian Bureau of Statistics (NBS), Nigeria recorded its biggest increase in GDP since 2014 in the second quarter of 2021 with an upsurge of 5.01 percent.

This growth also marks three consecutive quarters of growth following the negative growth rates recorded in the second and third quarters of 2020.

“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,” NBS's report stated.

According to the report by NBS, here are the best and worst-performing sectors for the second quarter of 2021.

Best-Performing Sectors

The Road transport sector emerged as the best performing sector in Q2 2021, growing 92.38 percent compared to a contraction of 23.75 percent in Q1 2021 and a contraction of 51.37 percent in the second quarter of 2020.

The Electricity, gas, steam and air conditioning supply sector came second. It grew by a whopping 78 percent in the review period compared to a growth of 8.66 percent in the first quarter of 2021 and a contraction of 3 percent in the second quarter of last year.

The Transport and Storage sector was the third-best performing sector in Q2 2021, growing by 76 percent compared to 121.89 percent in Q1 2021 and a contraction of -49.22 percent in the second quarter of 2020.

The Rail transport and pipeline sector took the fourth spot growing by 53 percent in the second quarter of 2021 compared to a contraction of 63.32 percent in the same period last year. The sector also contracted by 7.3 percent in the first half of 2021.

The Coal Mining sector grabbed the fifth spot with a growth of 34.1 percent Q2’21 compared to 10.5 percent in the same time last year. The coal mining sector grew by 0.66 in the first quarter of 2021.

Worst-Performing Sectors

The Oil refining sector contracted 46.7 percent in the second quarter of 2021 compared to a contraction of 6.63 percent in the same period last year and a contraction of 57 percent recorded in Q1 2020.

The Crude Petroleum and Natural Gas sector contracted by 12.6 percent in Q2’21 compared to a contraction of 6.63 percent in the same period of 2020. This sector also contracted Q1 2021 by 2.2 percent in the first quarter of 2021.

The Mining and Quarrying sector also contracted by 12 percent in Q2’ 2021 compared to a contraction of 2.19 percent in Q1 2021, and 6.6 percent in the second quarter of 2020.

The Financial institution sector contracted 4.5 percent compared to a growth of 28.41 percentQ2’2020. The sector also grew 0.15 percent in the first quarter of 2021.

The Financial and insurance sector contracted by 2.48 percent in Q2’2021 compared to a growth of 18.49 percent in Q2’2020. The sector contracted by 0.46 percent in the first quarter of 2021.