Nigeria Economy Is Now At Its Strongest Since It Exited Recession - Udoma
So, the National Bureau of Statistics, NBS released the Q4 2018 GDP report on Tuesday showing that the economy grew by 1.93%.
This was higher than the 0.82% posted in Q3, and the minister of Budget and National Planning Senator Udoma Udo Udoma, believes the economy is now at its strongest since recession ended.
In a statement signed by James Akpandem, his special adviser, Udoma said he is encouraged by the fact that the growth was largely driven by the non-oil sector which grew by 2.70% in the quarter, posting a growth of 2.0% for the full year 2018.
He said this is the strongest growth in non-oil GDP since the fourth quarter of 2015.
He said the report reflected the Buhari administration’s continued implementation of targeted policies, programmes and projects across various MDAs and other sectors of the economy as set out in the ERGP.
“Adherence to the ERGP has resulted in the economy coming out of recession and heading towards sustainable economic growth,” he said.
“It is a clear indication that our programmes and policies are on the right track,” Udoma said.
Speaking at the recent dialogue session organised by Deloitte in Lagos, where the minister disagreed with IMF’s growth projections for Nigeria, Udoma had assured that the economy will continue to maintain its recovery and increase its growth trajectory in 2019.
“Our aim is to take all measures necessary to ensure that we increase the growth rate whilst maintaining fiscal sustainability,” he said.
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