The Federal Executive Council on Wednesday received a report detailing the growth of the nation’s GDP in the third quarter of 2018.
After the meeting presided over by President Muhammadu Buhari, the Minister of Budget and National Planning, Udo Udoma, told journalists that the council was encouraged by the economy’s steady recovery from recession.
He also noted that the economic growth continues to be driven by the non-oil sector which grew by 3.32 per cent in the third quarter.
Read Also: Significant Growth In Non-Oil Sector Is Creating Thousands Of Jobs – Buhari
The nation had entered into a recession in 2016, according to statistics by the National Bureau of Statistics (NBS).
Consequently, the cost of basic amenities soared, as the value of the naira depreciated compared to the dollar – a situation which caused hardship for the majority of Nigerians.
With pressure being mounted on government, the need to diversify the economy and focus on the non-oil sector became inevitable.
After various efforts, the nation exited the recession in 2017.
The presidency, however, promised that it won’t rest until the impact of the nation’s new economic status is being felt by all Nigerians.
Exit From Recession: We Won’t Rest Until All Nigerians Feel The Impact – Buhari
Nigeria’s Environment Minister, Ibrahim Jibrin Resigns
Meanwhile, the Minister of State for Environment, Ibrahim Jibrin, has resigned from the federal cabinet.
His resignation was announced during the FEC meeting on Wednesday, after which a valedictory session was held in his honour.