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,
“The latest figures released by the National Bureau of Statistics, 2.38 per cent for the
Notably, the growth recorded in the fourth quarter of 2018 (Q4 2018)
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
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
With the maintenance of this trend, the economic
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%.
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
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
Senior Special Assistant to the President on Media & Publicity
Office of the Vice President
12 February 2019