Non-oil sector growth evidence of Nigeria’s economic recovery — Udoma

211 Views

About 2.05 per cent growth recorded in the non-oil sector in the second quarter of the year is evidence the Economic Recovery and Growth Plan (ERGP) implementation is yielding positive results, the Minister of Budget and National Planning, Udo Udoma has said.

On Monday, the National Bureau of Statistics (NBS) published the latest gross domestic product (GDP) growth data, which showed the non-oil sector performance was the strongest growth since the fourth quarter of 2015.

The Minister stated this in a reaction to the latest GDP figures sent to PREMIUM TIMES by his spokesperson, Akpandem James.

The NBS Report indicated the non-oil sector growth was driven by the three priority areas identified under the ERGP.

They included transportation (road, rail water and air), which grew by 21.76 per cent, followed by construction (7.66 per cent) and electricity (7.59 per cent).

Other non-oil sectors that drove growth in the second quarter include telecommunications (11.51 per cent), water supply and sewage (11.98 per cent) and broadcasting (21.92 per cent).

The Minister however expressed regrets that the slight drop in real GDP growth rate for the period was principally as a result of the contraction in the oil sector, which accounts for more than 70 per cent of the country’s foreign exchange earnings.

The contraction in the oil and gas sector stood at about -3.95 per cent, compared to about 14.77 per cent recorded in the first quarter and 3.53 per cent in the corresponding period in 2017.

“I am happy to see that the Nigerian economy has continued to register positive growth in the first and second quarters of the year in spite of the security and other challenges faced by the country,” Mr Udoma said.

Reiterating the focus of the ERGP on diversifying the economy away from dependence on the oil and gas sector, the minister said he was encouraged that government efforts were yielding fruits by the continuing growth in the non-oil sector.

GTI

GTI is a leading Nigerian Investment Banking group with proven expertise in Financial advisory, Securities Dealing (Fixed Income and Equities), Asset management and Deal Origination. We have strong capacity in financial service delivery.

You may also like...

Leave a Reply

Your email address will not be published. Required fields are marked *