Presidency praises Q3 increase in GDP

The presidency has hailed the new report by the National Bureau of Statistics (NBS) indicating

According to the report titled, 'Nigeria Gross Domestic Product Report', the increase is the second consecutive positive growth after the country officially exited recession in the second quarter of 2017.

In reaction to the report, a statement signed by Vice President Yemi Osinbajo's spokesperson, Laolu Akande, said the increase is a clear indication that the Nigerian economy has improved further with oil, agriculture and industrial sectors leading the charge.

He further said that the administration of President Muhammadu Buhari will continue to work diligently to ensure inclusive growth through the active pursuit of a raft of policy initiatives, past and present.

According to him, such initiatives include the Social Investment Programmes, Anchor Borrowers Scheme, longstanding Budget Support Facilities to the states, and other bailout packages

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

According to a statement signed by the Special Adviser to the President on Economic Matters, Dr. Adeyemi Dipeolu, in reaction to the figures released by the NBS, Nigeria can be confident that it is now out of recession.

His statement read, "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 overall picture that emerges is that the economy is on the path of recovery. As inflation trends downwards, and with steady implementation of the ERGP, real growth should soon be realised across all sectors in a mutually reinforcing manner."