Post Views: 243 The Federal Government, on Tuesday said the GDP data for the 2018Q4 released earlier in the day by the National Bureau of Statistics (...
The Federal Government, on Tuesday said the GDP data for the 2018Q4 released earlier in the day by the National Bureau of Statistics (NBS) is another indication that the economic policies of the Muhammadu Buhari administration are working.
Reacting to the new GDP figure released by the bureau, Special Adviser to the President on Economic Matters Dr. Adeyemi Dipeolu, said the economy is “well on course to grow by 3% in 2019 as estimated in the Medium-Term Expenditure Framework.”
In its 2018Q4 and full year data released by the NBS, Nigeria’s economy grew by 2.38% from 1.8% in the previous quarter (READ MORE).
The GDP figure, according to the statement by Laolu Akande, Senior Special Assistant to the President on Media & Publicity, Office of the Vice President, reflects an appreciable improvement in the economy, which he described as “encouraging in several respects.”
Quarter-on-quarter, the statement quoted Dipeolu as saying, when compared to the 2018Q3 growth, the 2018Q4 figure “was 5.31%, which signals a great potential for a higher annual growth rate.”
He added that “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%.”
With the maintenance of this trend, he continued, “the economic diversification objectives of the Economic Recovery and Growth Plan are well on their way to being met.”
It is encouraging, he stressed, “that agriculture which accounts for 26.15% of total GDP grew by 2.46% in Q4 2018, while manufacturing grew by 2.09%. The service sector which accounts for 53.62% of GDP registered its strongest growth performance in 11 quarters.
“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.”
Also heartwarming Dipeolu noted, is that the NBS figures revealed that 39 of 46 economic activities recorded growth in Q4 2018, confirming also that growth across sectors is becoming more mutually reinforcing.
“This growth is consistent with the policies and principles of the Economic Recovery and Growth Plan (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,” he added.
The Buhari administration, he assured further, “will continue to pursue the ERGP diligently and Nigerians can expect that economic conditions will continue to get better even as we move on to the Next Level.”