- 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.
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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.
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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.
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