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 Earns N808bn From VAT In 9 Months – NBS

The National Bureau of Statistics (NBS), says the revenue generated from Value Added Tax (VAT) from sectoral distribution from first to third quarters of 2018 was N808 billion.

VAT is a consumption tax placed on a product whenever value is added at each stage of the supply chain, from production to the point of sale.

Sectoral Distribution of Value Added Tax for Q2 and Q3, 2018 posted on the bureau’s website, showed an increase in the revenue generated from VAT in during the year under review.

The report showed that the sum of N273.50 billion was generated as VAT in the third quarter, N266.73 billion in the second quarter and 269.79 billion in first quarter of the year respectively.

The figures represented an increase of 2.54 per cent quarter-on-quarter, and 9.16 per cent increase year-on-year.

The report showed that the manufacturing sector generated the highest amount of VAT with N31.48 billion generated.

This, it said was closely followed by Professional Services and Commercial and Trading, both generating N25.57 billion and N15.99 billion respectively.

It further stated that the mining sector generated the least, and was closely followed by pharmaceutical, soaps and toiletries, textile, automobiles and assemblies with N52.70 million, N177.34 million and N265.35 million respectively.

In addition, it stated that out of the total amount generated in the third quarter of the year under review, N128.62 billion was generated as Non-Import VAT locally, while N58.84 billion was generated as Non-Import VAT for foreign.

The report, however, noted that the balance of N86.04 billion was generated as Nigeria customs import VAT in the year.

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27 Percent Of Girls In Nigeria Not In School, Says Survey

A Multiple Indicator Cluster Survey (MICs)5, of 2016 and 2017 conducted by the National Bureau of Statistics in Collaboration with the UNICEF and other partners, has revealed that about 27.2 percent of school age girls in Nigeria are currently not enrolled.

UNICEF Evaluation Expert, Maureen Okolo who said this at a media dialogue on data driven reporting organized by UNICEF, added that the Northeast with 53.3 percent, retains the highest number of girls (of primary school age) who are out of school while the South-east with 46.2 percent has the lowest number of girls out of school.

Okolo noted that about 51 percent of girls of primary school age who are not enrolled in schools are based in rural areas while 52.5 percent of the girls are in urban areas.

The report revealed that Borno State with 70.7 percent, has the highest numbers of girls of primary school age that are out of school, while Abia state with 33.0 percent, indicated that more girls of primary school age, attend the first stage of basic education.

The education expert also added that 51.7% of girls who are of secondary school age, are among the total out of school population in Nigeria.

MICs 5 also shows that a lack of formal education of mothers contributed to the increased figures of out of school children .

Contained in the report are statistics of mothers with non formal education put at 44.4%; mothers with primary education 79.6%; mothers with secondary education, 86.8% and mothers with higher education are at 91.6% in a random sampling  of 36,176 women.

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Nigerian Airports Record 3 Million Passengers In Fourth Quarter Of 2017, Says NBS

The National Bureau of Statistics (NBS) says 3.6 million air passengers traveled to or from Nigerian airports in the fourth quarter of 2017.

The NBS said this in “ Air Transportation Data and Full Year 2017’’ report posted on its website.

The bureau said the figure grew by 4.89 per cent year-on-year and declined by 0.56 per cent quarter-on-quarters.

It stated that the fourth quarter saw steady growth in the number of both domestic and international passengers who travelled to or from Nigerian airports by 6.46 per cent and 1.01 per cent respectively.

The report stated that for the first time of the year, more arrivals were recorded than departures for both domestic and international travelers in the quarter under review.

It stated that arrivals and departures in all Nigerian airports in the reviewing quarter were 1.86 million and 1.30 million passengers respectively.

The report said that Lagos, Abuja, Port Harcourt, Owerri, and Kano airports served more than 92 per cent of total passengers in the fourth quarter.

The report noted that a total of 57,484 aircraft arrived at or departed from Nigerian airports in the quarter, among which 47,223 were domestic aircraft and 10,261 were international aircraft.

The report stated the last quarter of 2017 recorded 33,425,743 Kilogrammes of cargo movement at the international airports.

It, however, said that the figure declined by 41.75 per cent year-on-year and by 25.53 per cent quarter-on-quarter.

The report stated that the volume of cargo movement in Lagos, Port Harcourt, Abuja, Enugu, and Kano declined sharply by 40.13 per cent, 41.67 per cent, 79.73 per cent, 83.88 per cent and 10.80 per cent year-on-year in the quarter under review.

It stated that the weight of mail that moved through Lagos was 363,228 kilogrammes, which increased by 255.23 per cent compared to the fourth quarter of 2016.

According to the report, mail movement through Abuja international airport grew by 15.11 per cent year-on-year.

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Nigeria’s Economy Attracted $12.2bn Investments In 2017 – NBS

A report by the National Bureau of Statistics (NBS) has revealed that a total investment inflow of $12.2bn was recorded in the 2017 fiscal year.

The NBS report stated during the fourth quarter of 2017, Abuja and Lagos accounted for over 97 per cent of the destination of investment inflow into the country.

The $12.2bn investment inflow, when compared with the $5.38bn in 2016, represents an increase of $6.82bn or 56 per cent.

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Breaking: 17.7 Million Unemployed People In Nigeria, Says NBS

The percentage of unemployed Nigerians increased from 16.2 percent in the second quarter of 2017 to 18.8 percent in the third quarter.

This is according to the third quarter unemployment report which the National Bureau of Statistics (NBS) released on Friday.

“The number of unemployed people within the labour force who are unemployed or underemployed increased from 13.6 million and 17.7 million respectively in Q2 2017 to 15.9 million and 18.0 million in Q3 2017,” the report read.

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