Eight successive quarters of growth – Non-Oil sectors on the rise
The macroeconomic environment of Nigeria has shown significant growth and stability since after the recession, according to a report presented today to the National Economic Council (NEC), chaired by the Vice President, Prof. Yemi Osinbajo, SAN.
According to the Minister of Finance, Budget and National Planning, Mrs. Zainab Shamsuna Ahmed, who made the presentation, there have been eight successive quarters of economic growth since the country emerged from recession.
While affirming the Economic Recovery and Growth Plan (ERGP), as the basis for the Medium Term fiscal strategy, she highlighted that Macro-economic stability has been achieved with growth in end Q3, 2019 at 3.01 per cent; continued increase in Real GDP from 1.89 per cent in Q2, 2018 to 2.01 per cent in 2019; there has been significant growth in non-oil sector.
Other significant economic growth records include the fact that inflation has continually declined since 2017 from 18.72% to 11.08% in July 2019; contribution of the non-oil sector to GDP has also increased 90.4% in Q1 2018 to 90.9% in Q1 2019.
State House, Abuja