In the second quarter of 2021, the nominal year on year growth rate of Trade stood at 23.27%. This indicates an increase of 38.21% points when compared to the growth rate of -14.95% in the second quarter of 2020, and 23.14% points than the previous quarter growth rate of 0.13%.
In nominal terms, Other Services grew by 1.27% (year-on-year) in Q2 2021. This growth rate was higher than the -13.40% growth rate recorded in the same quarter of the previous year and the growth rate of - 0.41% in Q1 2021 by 14.67% points and 1.68% points respectively.
Nominal GDP growth of the Manufacturing sector in the second quarter of 2021 was recorded at 38.33% (year-on-year), 38.47% points higher than figure recorded in the corresponding period of 2020 (-0.14%) and 6.23% points higher than the preceding quarter figure of 32.10%.
In nominal terms, the Public Administration sector grew by -1.06% in Q2 2021, -5.08% points lower by from the corresponding quarter of 2020 and lower by –2.78% points relative to Q1 2021. Quarter on quarter, the sector grew by 30.61%.
Nominal growth in the Education sector in the second quarter of 2021 was 6.97% (year-on-year), up by 29.06% points from the growth of -22.09% reported in the corresponding quarter of 2020, and by 7.27% points when compared to Q1 2021 growth rate of –0.30%.
In the second quarter of 2021, the agricultural sector grew by 1.30% (year-on-year) in real terms, a decrease of -0.28% points from the corresponding period of 2020, and a decrease of -0.97% points from the preceding quarter which recorded a growth rate of 2.28%.
The non-oil sector grew by 6.74% in real terms during the reference quarter (Q2 2021). The Q2 2021 growth rate was higher by 12.80% points compared to the rate recorded in the same quarter of 2020 and 5.95% points higher than the first quarter of 2021.
Real growth of the oil sector was –12.65% (year-on-year) in Q2 2021 indicating a decrease of –6.02% points relative to the growth rate recorded in the corresponding quarter of 2020. Growth decreased by - 10.44% points when compared to Q1 2021 which was –2.21%. For the first half of 2021, real GDP was recorded at -7.13%, compared to -0.80% for the first half of 2020, the performance reflecting lower oil output. Quarter-on-quarter, the oil sector recorded a growth rate of -20.35% in Q2 2021
The total value of capital importation into Nigeria stood at $5,820.21m in the second quarter of 2019. This represents a decrease of -31.41% compared to Q1 2019 and +5.56% increase compared to the second quarter of 2018. The largest amount of capital importation by type was received through Portfolio investment, which accounted for 73.76% ($4,292.89m) of total capital importation, followed by Other Investment, which accounted for 22.41% ($1,304.43m) of total capital imported and Foreign Direct Investment (FDI), which accounted for 3.83% ($222.89m) of total capital imported in Q2 2019.