Strong Momentum & Continuous Growth In Economy Further Show Buhari Administration’s Policies Working

In what is a clear indication of the effectiveness of the economic policies of the Buhari presidency, Nigeria’s Gross Domestic Product (GDP) figures recorded a marked improvement in the fourth quarter of 2018.

According to the National Bureau of Statistics, NBS, the GDP figure for the last quarter in 2018 is 2.38 per cent, reflecting continuous growth.

Below is a statement released in response to the new GDP figure by the Special Adviser to the President on Economic Matters, Dr. Adeyemi Dipeolu:

“The latest figures released by the National Bureau of Statistics, 2.38 per cent for the fourth Quarter (Q4), 2018 show an appreciable improvement in the growth performance of the economy. The figures are encouraging in several respects.

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.  

In annual terms, the growth rate more than doubled in 2018, rising to 1.93% as compared to 0.82% in 2017, again reflecting the strong momentum of growth.

Also notable is the fact that growth in Q4 2018, and indeed for the whole year, owed a great deal 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%. 

With the maintenance of this trend, the economic diversification objectives of the Economic Recovery and Growth Plan are well 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.  

Transport and storage, as well and information and communication, were particularly notable growing at 13.91% and 9.65% in the whole of 2018. This owes a lot to the investments that are being made in roads and rail as well as in broadband infrastructure.

The NBS figures also show that 39 out of 46 economic activities recorded growth in Q4 2018 which shows that growth across sectors is becoming more mutually reinforcing.  

This growth is consistent with the policies and principles of the Economic Recovery and Growth Plan (ERGP) relating to macroeconomic stability and economic diversification.  When better economic fundamentals like lower inflation rates, increased foreign reserves, a more stable exchange rate and increased capital inflows are taken together with increased investments in the real sector, infrastructure, the social sector and business environment; it portends well for economic performance in 2019 and beyond. 

Indeed, the economy remains well on course to grow by 3% in 2019 as estimated in the Medium-Term Expenditure Framework.”

The Buhari administration will continue to pursue the ERGP diligently and Nigerians can expect that economic conditions will continue to get better even as we move on to the Next Level.


Laolu Akande 
Senior Special Assistant to the President on Media & Publicity 
Office of the Vice President 
12 February, 2019

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Nigeria’s Economy Is On The Path Of Recovery, Says Buhari’s Aide

The Special Adviser to the President Muhammadu Buhari on Economic Matters, Dr. Adeyemi Dipeolu, has said that Nigeria’s economy is on the path of recovery.

Dipeolu said this following a GDP figures released by the National Bureau of Statistics (NBS), with oil, agriculture and industrial sectors leading the charge.

According to him, the report is a clear indication that the Nigerian economy has improved further.

“The Buhari administration welcomes the new growth figures, and will continue to work diligently on a daily basis to ensure inclusive growth, to which we have always been committed through the active pursuit of a raft of policy initiatives, past and present,”  a statement signed by Mr. OlaLaolu Akande, Senior Special Assistant to the President on Media & Publicity, reads.

Dipeolu, in the statement, noted that such initiatives include but not limited to the Social Investment Programmes, Anchor Borrowers Scheme, longstanding Budget Support Facilities to the States, plus other bailout packages, ensuring the comprehensive payment of workers’ salary & pension backlogs among others.

He also revealed that Federal Government will be ramping up the implementation pace of the Economic Recovery & Growth Plan.

“The latest NBS GDP figures show that the Nigerian economy grew by 1.4% year-on-year in real terms in the third quarter of 2017 (Q3 2017).  This is a steady continuation of the positive growth of 0.55% (now revised to 0.72%) experienced in Q2 2017 and reinforces the exit from the 2016 recession.

“The positive growth in Q3 is consistent with the improvements in other indicators.  Foreign exchange reserves have risen to nearly $34 billion while stock market and purchasing managers indices have also been positive.

“The naira exchange rate has stabilised while inflation has declined to 15.91% from 18.7 in January 2017.  While inflation is not declining as fast as desirable, it is approaching the estimated target of 15.74% for the year in the Economic Recovery and Growth Plan.

“Agricultural growth was 3.06% in the third quarter of 2017, maintaining the positive growth of the sector even when there was a slow-down in the rest of the economy.

“The industrial sector grew at 8.83% mostly due to mining and quarrying.  The oil sector grew very strongly as forecast in the ERGP and partly as a result of the policy actions in the plan to restore growth in the sector.

“The service sector is yet to recover but should soon begin to be positively affected by the improvements in the real economy and the effects of the dedicated and focused capital spending of over N1.2 trillion on infrastructure by the Federal Government.

“It is expected that the economy will continue to grow given these developments and the reform, and improvements in the business environment shown by the upward movement of 24 places in the recently released World Bank’s Ease of Doing Business Rankings which was better than the target of 20 places specified in the ERGP,” the statement reads in part.

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