The Minister of Budget and National Planning, Senator Udoma Udo Udoma, has expressed delight over the performance of the economy in the
fourth quarter of 2018.
Real Gross Domestic Product (GDP) grew by 2.38 per cent, indicating the strongest quarter growth since the economy slipped into recession
in 2016, according to the National Bureau of Statistics (NBS).
The minister was particularly encouraged by the fact that growth was largely driven by the non-oil sector which grew by 2.70 per cent in the quarter, posting a growth of 2 per cent for full year 2018, which represents the strongest growth in non-oil GDP since the fourth quarter of 2015.
Udoma, who spoke from Uyo, Akwa Ibom State, further maintained that the results showed a clear indication of recovery as the Nigerian economy continues to post signs of improvement.
He said the performance reflected the President Muhammadu Buhari-led administration’s continued implementation of targeted policies, programmes and projects across various ministries, departments and agencies (MDAs) and other sectors of the economy as set out in the Economic Recovery and Growth Plan (ERGP).
He said adherence to the ERGP had resulted in the economy coming out of recession and heading towards sustainable economic growth.
In a statement issued by his Special Adviser on Media, Akpandem James, the minister, while reviewing the growth performance, observed that
the encouraging result in GDP growth was also consistent with improvements in other indicators including inflation, foreign reserves, exchange rates, trade balance and capital inflows, among others.
The minister said he was most encouraged as the indices show an economy that is on the mend and on the path of recovery to sustained growth.
“It is a clear indication that our programmes and policies are on the right track,” he said.