Post Views: 460 Buoyed by Tuesday’s release of data showing that Nigeria’s 2017 full-year Gross Domestic Products (GDP) grew by 0.83% from the previou...
Buoyed by Tuesday’s release of data showing that Nigeria’s 2017 full-year Gross Domestic Products (GDP) grew by 0.83% from the previous year’s 1.58% contraction, the Federal Government says it remains upbeat that the nation’s economy will still achieve its 3.5%.
A statement by the Presidency quoted Dr. Adeyemi Dipeolu, Special Adviser to the President on Economic Matters, in response to the latest GDP figures announced by the National Bureau of Statistics (NBS) as noting the 1.92% Q4 economic growth, faster than 1.4% in the preceding quarter.
The latest figure, he noted marks the third consecutive growth since Nigeria’s emergence from recession in the second quarter of 2017, just as it shows the economy is improving in all major sectors, including especially the non-oil sector which had contracted for quite a while.
Dipeolu, in the statement released by Laolu Akande, Senior Special Assistant to the President on Media & Publicity in the office of the Vice President, expressed satisfaction that while agriculture, industry and services, major economic sectors are now experiencing positive growth.
For instance, he said: “Agriculture, which accounted for 25% of GDP in 2017, grew by 4.23% in Q4 2017; while Industry grew by 3.92%. The Services sector, which is about 53% of GDP, returned to positive growth in Q4 2017. Although the increase was marginal at 0.10, it represented a positive swing of 2.76% points from the level in Q3 2017.
“The other notable element of the data is that the non-oil sector experienced a strong growth of 1.45% in Q4 2017 as compared to a contraction in the previous quarter and the whole of 2016.”
This, he continued, shows steady improvements across the economy, just as there “were strong quarterly growth in crop production, crude oil production, metal ores, construction, transportation, trade, electricity and gas production.
“The positive trajectory for the economy should begin to gain momentum as the multiplier effects of investments in infrastructure, including power, roads, and rail, alongside improvements in the business environment begin to manifest. The agricultural sector is expected to continue its strong showing, while manufacturing should also show sustained growth based on improved availability of foreign exchange and greater backward integration in several of its sub-sectors. Taking all these factors into consideration, the Federal Government estimate of 3.5% growth in 2018 is quite achievable.”