Despite a $37 billion increase from the gross domestic product (GDP) revision to $369 billion by 2020, South Africa is still second only to Nigeria, which was worth $375 billion the same year.
Nigeria’s gross domestic product (GDP) also grew 5.01% (year-on-year) in real terms in the second quarter of 2021, three consecutive quarters of growth after negative growth rates in the second and third quarters of 2020 , according to data from the Nigerian Bureau of Statistics (NBS).
The steady recovery seen since late 2020, with the gradual return of commercial activity and local and international travel, was responsible for the significant increase in growth performance compared to the second quarter of 2020, when national restrictions came into effect.
However, Nigeria and South Africa are both off their peak economic periods, with unemployment and poverty rising due to the COVID-19 pandemic. While South Africa now tops the list of countries with the highest unemployment rates, Nigeria is a close third.
Nigeria’s non-oil sector grew 6.74% in real terms, while the oil sector declined 12.65% year-over-year. The contribution of the non-oil sector grew from 90.75% in the previous quarter to 92.58% in the second quarter of 2021, while the contribution of the oil sector decreased from 9.25% to 7.42%.
Year-to-date, Nigeria’s real GDP grew by 2.70% in 2021, compared to -2.18% in the first half of 2020. Nevertheless, quarter-on-quarter real GDP grew by -0.79% in the second quarter. of 2021 compared to the first quarter of 2021, reflecting slightly slower economic activity than the previous quarter due largely to seasonality.