GDP
Highlight

2019 elections did not affect stability- Minister

171

Nigeria’s economy grew at an impressive 2.01 per cent in the first quarter of 2019 according to data from the National Bureau of Statistics. 

Compared to the first quarter of 2018, which recorded real GDP growth rate of 1.89%, the first quarter 2019 growth rate represented an increase of 0.12% points, with members of the Federal Executive Council expressing their delight that the 2019 elections did not affect economic stability.

“The council is also pleased to note that there are improvements in other economic indicators such as the inflation rate, which tend to have high inflation during an election period, but it has been stable. Our external reserves and our trade balance has also remained healthy over the period which our exchange rate to the dollar has also been stable, said the minister of Budget and National Planning,  Udoma Udoma.

“So notwithstanding the elections, there has been stability. The council believes that the dividend arising from the peaceful elections  and the re-elections of President Muhammadu Buhari will lead to a further boost in economic growth. The nation should therefore expect faster growth rate as the incoming cabinet continues to intensify work on the implementation of the economic recovery and growth plan.”

Udoma said,  the council also noted that “This growth reflects the strongest first quarter performance in GDP since 2015. The first quarter is always the weakest in terms of growth. The federal executive council is most encouraged by the fact that growth continues to be driven by the non-oil sector which affects most of our population. Also agriculture grew by 3.17% and this represents the strongest growth in agriculture since the fourth quarter in 2017.”

“Council is pleased to note that in the next level, the President is committed to further work on initiatives to among other things protect Nigeria from vulnerability to any external shocks, reverse the contraction in the oil sector and stimulate faster growth in agriculture and manufacturing. In short, under the next level agenda, even more initiatives will be rolled out to ensure that growth is faster and even more inclusive as well as job creating.

“So council believes we are still on target to achieve three percent growth rate which is our target this year, he said.

Leave a comment

Related Articles

Mental Health Care Awareness in Nigeria

by Shine Alagba Nigerians face mental stress due to economic challenges like...

Abuja Court rejects Abba Kyari’s latest bail application

Abba Kyari, the detained Deputy Commissioner of Police, renewed his request for...

FG plans ambitious $100bln expansion fund to enhance Nigeria’s cultural heritage

The Minister of Arts, Culture, and Creative Economy, Mrs. Hannatu Musa-Musawa, has...

Saraki, AbdulRazaq spat over Ilorin Durbar 

Former Senate President, Dr. Bukola Saraki, said he deliberately avoided the Ilorin...

South Africa’s Ramaphosa sworn in for second term as president

“Ramaphosa is expected to announce his cabinet in the coming days as...

Breaking: After Rivers lawmakers’ screening, Gov. Fubara inaugurates 23 LGAs caretaker chairmen

Rivers Gov. Siminalayi Fubara inaugurated the caretaker chairpersons for the state’s 23...

Breaking: Rivers Gov. Fubara appoints caretaker chairmen for 23 LGAs

The nomination came amid a renewed political crisis in the state, with...

Emirate crisis: Gumel promises neutrality, commitment to peace, stability in Kano State

Kano State Police Commissioner Ussain Gumel has refuted claims that his officers...

Updated: Rescued abducted Fouani brothers reunited with families, say Lagos Police

The Lagos State Police Command’s spokesperson, SP Benjamin Hundeyin, has confirmed that...

Emirship tussle: We won’t allow state of emergency in Kano – Sen. Kwankwaso

Sen. Rabi’u Musa Kwankwaso, former Kano State Governor and Kwankwasiyya Movement leader,...

Asari Dokubo to stay-put Rivers LG Chairmen: Go home in peace or face people’s wrath

“The chairmen, whose tenure expired on June 17, cannot force themselves on...

Just in: Lagos Police command rescues abducted Fouani brothers

Operatives of the Lagos State Police Command have rescued the three kidnapped...

Tenure elongation: Rivers Gov. Fubara directs administrative heads to take over 23 LGAs

The Rivers State Governor, Siminalayi Fubara, has directed the Heads of Local...

Ex-Pres. Obasanjo pays Sallah homage to First Lady, Oluremi

Former President Olusegun Obasanjo visited the nation’s First Lady, Sen. Oluremi Tinubu,...

Tinubu off to South Africa for Pres. Ramaphosa’s inauguration

President Bola Tinubu will, on Tuesday, June 18, 2024, depart Lagos for...

Despite Labour’s disapproval, FG insists on N62,000 minimum wage

The Presidency said on Sunday that the demand for a minimum wage...

Palliatives: Tinubu, Sanwo-Olu lauded for channelling food items for vulnerable people through CDC platforms

President Bola Tinubu and the Lagos State Governor, Babajide Sanwo-Olu, have been...

Presidency reacts to New York Times article, says current economic problems not created by Tinubu

Nigeria’s economic downslide was an inherited problem, the Presidency said in a...

Enugu Rangers sweep aside Bendel Insurance to win their eighth league title

The Enugu Rangers won the 2023/24 Nigeria Premier Football League after beating...

Pres. Tinubu honors fathers, calls them ‘true heroes’

President Bola Tinubu, in his Father’s Day message, saluted the dedication and...