Below is a statement from the Nigerian Presidency signed by Spokesman, Femi Adesina;
“The
Fourth Quarter 2018 Gross Domestic Product (GDP) results released
recently by the National Bureau of Statistics (NBS) give lots of cause
to cheer.
Below are salient points to note from the report, as
the Muhammadu Buhari administration puts the Nigerian economy on firm,
solid footing:
1. The economy has recorded continued progress
since it emerged from recession in 2017. Current result shows a Real GDP
growth of 2.38% compared to 1.81% in Q3 last year, representing the
strongest growth since the economy slipped into recession in 2016.
2.
For more than five decades, Nigeria has paid lip service to
diversifying the economy, from sole dependence on oil. The latest result
shows that economic growth has continued to be driven by the non-oil
sector, which grew by 2.70% in Q4 2018, up from 2.32% in Q3 2018. It
represents the strongest growth in the sector since Q4 2015.
3.
The non-oil GDP growth was driven by Quarrying and Other Minerals,
followed by Telecommunications, Agriculture, Manufacturing, and
Construction. That is diversification in progress, real time, no matter
what the naysayers may say.
4. While the non-oil sector actually
drove GDP growth, the oil sector contracted with crude oil and gas GDP
reducing by -1.62%. This shows that with good governance, focus,
prudence and accountability, the life of the country need not depend on
oil ad infinitum.
5. The NBS report further shows that Services
GDP growth recorded its best performance in 11 quarters, growing by
2.90% compared to 2.64% in Q3 2018 and 0.10% in Q4 2017. Overall, while
growth in the economy was moderated by the contraction in the oil
sector, 39 out of 46 economic activities recorded positive growth in the
quarter under review.
6. The improved GDP growth can be
attributed to Government’s continuous implementation of the policy
initiatives in the Economic Recovery and Growth Plan (ERGP), which has
boosted the performance of the non-oil sector.
7. The growth in
Q4 2018 GDP is consistent with the improvements in other macroeconomic
indicators, including inflation, capital inflows, foreign trade,
external reserves, amongst others.
8. Headline inflation has been
trending downwards from 18.55% as at December 2016 to 15.37% in
December 2017 and further to 11.44% in December 2018.
9. The
total value of capital importation into Nigeria stood at $2,140 million
in the fourth quarter of 2018. This translates to a full year capital
inflow of $16,812 million compared to $12,228 million in 2017.
10.
Although the economy is now growing, more still must be done to deepen
its diversification and make it less vulnerable to external shocks. That
is an unflinching commitment of the Muhammadu Buhari administration.
Those
who do not see any good in something not initiated by them toil
endlessly to hoodwink Nigerians into believing that nothing good is
happening on the economic front. But facts are stubborn things. The more
they try to deny the facts, the more they rudely stare at them in the
face.
With the Buhari administration, economic Eldorado beckons. Nigeria is inexorably set for that Next Level.
Source:- Politicsngr
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