New GDP Figures By NBS An Indication Of Effective Economic Policies – Presidency

Channels Television  
Updated February 12, 2019

 

The Federal Government has described the latest Gross Domestic Product figures of 2.38 per cent for the fourth quarter of 2018, released by the National Bureau of Statistics, as encouraging.

In a statement issued on Tuesday, the Special Adviser to the President on Economic Matters in the office of the Vice President, Dr. Adeyemi Dipeolu, said it was a clear indication of the effectiveness of the economic policies of the Buhari presidency.

Explaining the growth, Dr. Dipeolu said, “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.

Read Also: Nigeria’s GDP Grows 2.38 Per Cent In Fourth Quarter Of 2018

He attributed the growth in Q4 2018, largely 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%,” Dipeolu stated.

He expressed optimism that if this trend was maintained, the economic diversification objectives of the Economic Recovery and Growth Plan (ERGP) would well be on their way to being met.

“It was encouraging 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,” he said.

Also notable were transport and storage, as well and information and communication, which grew at 13.91% and 9.65% in the whole of 2018, owing to the investments being made in infrastructure development such as roads and broadband.

According to Dipeolu, the Buhari administration will diligently pursue the ERGP for continued improvement in the nation’s economic conditions.

The NBS on Tuesday released the GDP figures for the last quarter of 2018, indicating what the Federal Government described as showing a marked improvement in the growth performance of the economy.