Financial Performance Highlights
Overview Operating Environment Financial Review Guidance
The Nigerian economy grew strong in Q2 with 5.0% growth in
Real GDP compared to 0.51% in Q1 2021. The growth reflects the
gradual recovery of major sectors affected by the pandemic.
Transportation and Trade were among the top sectors that drove
the growth in Q2.
Headline inflation rate dropped to 17.8% in June from 17.9% in
May 2021. This represents the 3rd consecutive decline in inflation
rate since March 2021.
Both food inflation and core inflation dropped in June to 21.8%
compared to 22.3% and to 13.1% from 13.2% in May 2021
respectively.
Trading on Bonny Light in June closed at $78.0pb, the highest
closing daily price since Jan 2019, while the daily crude oil
production averaged 1.6 million bpd.
Currently, Brent Crude is trading at $73.6pb while Bonny Light is
trading at $73.3pb at spot price.
External reserves stood at $33.3bn at the end of Q2 2021,
compared to $34.8bn in Q1 2021.
Real GDP Growth
5.0%
0.1%
0.5%
Q2 '20
-6.1%
Q4'20
Q2'21
-3.6%
Headline Inflation Rate
17.8
17,3
15.8
14.2
18.1
12.6
13.2
Jun-20
Aug-20
Oct-20
Dec-20
Feb-21 Apr-21
Jun-21
Bonny Light ($ per barrel)
78.0
66.1
51.3
42.5
45.3
66.8
36.4
Jun-20
Aug-20
Oct-20
Dec-20
Feb-21
Apr-21
Jun-21
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