Nigeria’s GDP, Growth Has Been Too Poor To Boost It’s Struggling Economy – Adewale Adeniran

The Statistician-General made the observation at a public lecture/unveiling of Impart Economic Journal, in Abuja.

Adeniran, who called on the nation’s security chiefs to sustain the fight against insecurity, explained that when the environment was secured, people were sure to access their farms, more food would be produced for the market.

Related Posts…

Adeniran, represented by Head, National Account Division, Dr. Baba Madu, said: “We need national security to grow the economy. Like agriculture for instance, if we have a reasonably secured environment in place, people can access their farms and produce more thereby increasing the supply chain of the economy. There will be more food in the market and that will force the prices down.

“We need security for the production of crude, even though the present security situation has not increased crude production, oil theft has reduced, and pipeline vandalism has. The economic growth in the third quarter is 2.54, which is still not sufficient enough. To have reasonable growth, you need to have a triple increase more than the population growth rate, which is 2.6 – 2.8.

He explained that agriculture can produce raw materials that have linkages to other sectors of the economy, and when there is an increase in the value chain, there will be an increase in additional economic activities.

“The report we released on the Gross Domestic Product in the oil sector, showed that crude oil production increased from 1.2million to 1.46million. That will help the economy a lot,” he said.

Editor-in-Chief/Chief Executive Officer of Impart Journal, Ambassador Splendour Agbonkpolor, said Nigeria’s situation currently was such that all well-meaning citizens can no longer afford to sit idle. “He tasked Nigerians to do more physical work to boost economic development rather than praying only.

He said: “Nigeria’s problems are not natural disasters that happen in other countries, however, our problem is that of poverty which is man-made. Therefore, Nigerians have the responsibility to find solutions that will eradicate it and not God.“