Skip to main content

Continuous GDP growth shows Buhari’s policies are working - Presidency reacts to NBS report

- The presidency has reacted to the latest GDP report by the National Bureau of Statistics

- The NBS report shows a GDP growth rate of 2.38% for the fourth quarter (Q4)

- The presidency said the growth recorded shows that President Buhari’s economic policies are working

The strong momentum and continuous growth in Nigeria’s Gross Domestic Product (GDP) is proof that President Muhammadu Buhari’s policies are working, the presidency has said in a statement.

The statement by the special adviser to the president on economic matters, Dr Adeyemi Dipeolu, on Tuesday, February 12, in Abuja, said that the latest GDP figures were encouraging.

The National Bureau of Statistics (NBS), in its “GDP Report for the Fourth and Full Year 2018’’ released in Abuja, stated that Nigeria’s GDP grew by 2.38% in real terms year-on-year as the economy recorded positive growth in the fourth quarter of 2018.

READ ALSO: We have decided to support Atiku - 2 presidential candidates drop ambition

The bureau said that the economy recorded positive growth in the non-oil sector in the quarter as the sector grew by 2.70% in real terms.

Dipeolu said that the latest figures released by NBS, 2.38% for the Fourth Quarter (Q4) of 2018 showed an appreciable improvement in the growth performance of the economy.

“The figures are encouraging in several respects.

“Notably, the growth recorded in the fourth quarter of 2018 (Q4 2018) was higher than both the growth of 1.81% in Q3 2018 and in the corresponding fourth quarter of 2017.

“Indeed, quarter-on-quarter growth from Q3 2018 to Q4 2018 was 5.31%, which signals a great potential for a higher annual growth rate.

“In annual terms, the growth rate more than doubled in 2018, rising to 1.93% as compared to 0.82% in 2017, again reflecting the strong momentum of growth.

“Also notable is the fact that growth in Q4 2018, and indeed for the whole year, owed a great deal to the performance of the non-oil sector.

“The non-oil sector grew at 2.7% in Q4 2018 as compared to 1.14% in the oil sector.

“The non-oil sector also grew by 2% in the whole year 2018, which was considerably better than its growth in the whole of 2017, which was 0.47%.

“The share of the non-oil sector in GDP was 92.94% while the oil sector contributed 7.06%.’’

He said that with the maintenance of the trend, the economic diversification objectives of the Economic Recovery and Growth Plan (ERGP) were well on their way to being met.

Dipeolu said it was encouraging that agriculture which accounted for 26.15% of total GDP grew by 2.46% in Q4 2018 while manufacturing grew by 2.09%.

The special adviser said that the service sector which accounted for 53.62% of GDP registered its strongest growth performance in two quarters.

He said that transport and storage, as well and information and communication, were particularly notable growing at 13.91% and 9.65% in the whole of 2018.

“This owes a lot to the investments that are being made in roads and rail as well as in broadband infrastructure.

“The NBS figures also show that 39 out of 46 economic activities recorded growth in Q4 2018 which shows that growth across sectors is becoming more mutually reinforcing.

“This growth is consistent with the policies and principles of the ERGP relating to macroeconomic stability and economic diversification.

“When better economic fundamentals like lower inflation rates, increased foreign reserves, a more stable exchange rate and increased capital inflows are taken together with increased investments in the real sector, infrastructure, the social sector and business environment, it portends well for economic performance in 2019 and beyond.

“Indeed, the economy remains well on course to grow by 3 per cent in 2019 as estimated in the Medium-Term Expenditure Framework,” he said.

According to him, the Buhari administration will continue to pursue the ERGP diligently.

He said that Nigerians should expect that economic conditions would continue to get better even as the nation moved on to the Next Level.

PAY ATTENTION: Install our latest app for Android, read best news on Nigeria’s #1 news app

Meanwhile, Legit.ng previously reported that the organised private sector had been urged by President Muhammadu Buhari not to retrench their workers in a bid to pay the new N30,000 national minimum wage.

President Buhari made the plea when he addressed Lagos business community on the sideline of the ongoing All Progressives Congress (APC).

Buhari also assured Nigerian workers that he was committed to ensure the payment of a new national minimum wage to better the lives of the people.

NAIJ.com (naija.ng) -> Legit.ng We have updated to serve you better

How Fashola, Adesina, others exposed Buhari in new video | Legit TV

Source: Legit.ng



from Nigeria News today & Breaking Naija news ▷ Read on Legit.ng 24/7 http://bit.ly/2SAKr6g
via EDUPEDIA24/7

Comments

Post a Comment

Popular posts from this blog

Dust haze weather to prevail on Thursday, December 27

- The Nigerian Meteorological agency (NiMet) predicts thick dust haze weather conditions over most parts of the country - NiMet predicts northern states would experience dust haze - The agency also predicts early morning mist/fog is expected over the coastal cities The Nigerian Meteorological Agency (NiMet) has predicted thick dust haze weather conditions with reduced visibility over most parts of the country on Thursday, December 27. NiMet’s Weather Outlook on Wednesday, December 26, in Abuja, revealed that the central region of the country would record dust haze condition with visibility range of two to five kilometres throughout the day. It added that day and night temperatures of 27 degrees Celsius to 34 degrees Celsius and 10 degrees Celsius to 20 degrees Celsius, respectively, would prevail over the region. READ ALSO: Police reportedly arrest Badeh’s alleged killers The agency predicted that the northern states would experience dust haze with visibility range of two to fi...
Post a Comment
Read more

N2.5bn Fraud: You Have Case To Answer, Appeal Court Tells Suspended NBC Boss, Kawu

The Director General of the National Broadcasting Commission, NBC, Ishaq Kawu. The Court of Appeal, sitting in Abuja, has dismissed an appeal filed by the suspended Director-General of the National Broadcasting Commission, Dr Moddibbo Kawu, challenging the decision of the Federal High Court, to dismiss the no-case submission he filed at the lower court. The Independent Corrupt Practices and Other Related Offences Commission had charged Kawu, Lucky Omoluwa (late Chairman of Pinnacle Communications Ltd) and Dipo Onifade, Chief Operating Officer of the same company, before Justice Folashade Ogunbanjo-Giwa, on a 12-count charge of money laundering. Is'haq Modibbo Kaw THISDAYLIVE The suspended NBC boss and his co-accused then approached the appellate court to reverse the judgment of the Federal High Court. The appellate dismissed the no-case submission filed by Kawu and his co-accused and held that they had an explanation to give when he elected to facilitate the payment of ...
Post a Comment
Read more

Buhari’s Legacy Of Recessions By Fredrick Nwabufo

Fredrick Nwabufo ‘Why always Buhari?’ As it was in 1984 under General Buhari, so it is in 2016 and 2020 under President Buhari? Is it by the unfortunate hands of kismet that recession hits Nigeria every time Buhari takes charge of the country’s affairs? If the recession of the 80s under Buhari was a conspiracy by economic and political factors, to what do we attribute that of his first coming as a civilian President — and now in his second coming? Why does pestilence scourge the land, hunger ravage the population and lives lost malevolently when Buhari presides over the country? Why always Buhari? Buhari’s undoing is his wonted predilection for hierarchising ethnicity, religion and loyalty above competence. Since 1999, no President has obtrusively shown a more nepotistic aspect than Buhari. It is unarguable that the President arrays the most competence-challenged cabinet ever in the chronicle of governance in Nigeria. Yes, a recession cabinet. Fredrick Nwabufo Here is a cabin...
Post a Comment
Read more