{"id":24856,"date":"2020-02-25T15:11:19","date_gmt":"2020-02-25T14:11:19","guid":{"rendered":"https:\/\/everyday.ng\/?p=24856"},"modified":"2020-02-25T15:11:19","modified_gmt":"2020-02-25T14:11:19","slug":"economy-maintains-growth-trajectory-as-non-oil-sector-keeps-upward-trend","status":"publish","type":"post","link":"https:\/\/everyday.ng\/?p=24856","title":{"rendered":"Economy maintains growth trajectory as non-oil sector keeps upward trend"},"content":{"rendered":"

Release<\/strong>
\nBy Laolu Akande<\/strong>, Senior Special Assistant to the President on Media & Publicity, Office of the Vice President
\n*Nigeria\u2019s GDP grows by 2.55% in Q4 2019, recording consistent growth since 2017 recession
\nThe latest GDP report by the National Bureau of Statistics today indicates growth in the Nigerian economy during Fourth Quarter of last year – the Q4 2019 and Full Year (FY) 2019.
\nWhile we welcome the report, it is the determination of the Buhari Administration to continue to drive the economy towards further growth and shared prosperity as we continue our active engagements with States of the Federation in that effort, because as the President said recently \u201cthe economy is the most delicate and sensitive of all aspects of national life.\u201d
\nBelow is a statement on the development by the Special Adviser to the President on Economic Matters, Dr. Adeyemi Dipeolu:
\n\u201cThe Gross Domestic Product (GDP) grew by 2.55% (year-on year), in Q4 2019. This reflects an increase of 0.17% over Q4 2018 (2.38%). This figure is also an increase of 0.27% compared to the preceding quarter (Q3 2019). Aggregate GDP stood at N39.5trillion while in real terms, GDP is at N19.53trillion in Q4 2019.
\nThe growth in Q4 2019 is the highest rate since Nigeria came out of the recession in 2017. This feeds into the estimated overall GDP growth for 2019 which is\u00a02.27%.\u00a0This represents an increase on 2018\u2019s growth rate of 0.36%, and shows an improving trend since the recession, of increasing growth in GDP.
\nThe non-oil sector contributed 92.68% to GDP in the period with the oil sector contributing 7.32%. While the oil sector has seen an undulating trend over the past few years, the non-oil sector has a more stable and slightly upward growth trajectory. The non-oil sector\u2019s contribution is on the back of Agriculture 26.1%, Industries 20.27%, and Services 53.64%.
\nIn the oil sector, average production was 2million barrels per day (2mbpd) in Q4 2019. The important thing to note is that production remained consistently around this range in 2019. The real growth of the oil sector in Q4 2019 was 6.36% year-on-year (6.49% in Q3 2019).\u00a0 For 2019, the oil sector recorded growth of 4.59% (0.97% in Q4 2018)
\nThe non-oil sector grew by 2.26% in real terms in Q4 2019. This is a slight reduction compared with 2.7% in Q4 2018, but higher than 1.82% in the previous quarter.
\nThe growth in the non-oil sector is driven by Information and Communication Technology, Agriculture, Manufacturing and Financial and Insurance Services.
\nAgriculture grew by 13.8% in Q4 2019, which is lower than 18.58% and 14.88% recorded in Q4 2018 and Q3 2019. \u00a0Sector contribution is 22.12% which is higher than recorded in 2018.\u00a0Real growth in the sector was 2.31% (year-on-year).
\nIn Manufacturing, the growth is 26.29% for the period, which is less than 33.57% and 39.69% in Q4 2018 and Q3 2019 respectively. Sector contribution is 11.37%, which is higher than the same period in 2018.\u00a0Real GDP growth was 1.24% (year on year)
\nThe Information and Communication Sector (Telecommunication mainly) recorded growth of 9.86% in the period which is lower than 14.82% and 10.99% in Q4 2019 and Q3 2018 respectively. Sector contribution in 2019 was 10.68% which is higher than the same period in 2018.\u00a0Real GDP growth was 8.5%.
\nFinance and Services sector grew at 23.3% in nominal terms. This is higher than the preceding quarter and the similar period in 2018. The Sectors annual contribution in 2019 was 2.93%.\u00a0In real terms, this growth was at 20.18%.
\nEconomic growth is reflective of a healthy economy and points to the policies of government towards specific priority sectors. The report shows that Nigeria is growing, even higher than some international analysts had predicted.
\nThis growth can be attributed to the robust policies of the government to diversify the economy, renewed security efforts\/reduced vandalism of pipelines, and improved consumption\/production of local goods (Rice) etc.
\nOverall, the Nigerian economy performed reasonably despite external shocks, internal issues (border closure), tightening of monetary policy, and the Central Bank of Nigeria\u2019s continued defense of the Naira.
\nThere is also some improvement expected going forward with less volatility in oil prices, reduced effect of disease on crops (Lassa fever), more support to SMEs, early passage of the budget and continued diversification of the economy.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Release By Laolu Akande, Senior Special Assistant to the President on Media & Publicity, Office of the Vice President *Nigeria\u2019s GDP grows by 2.55% in Q4 2019, recording consistent growth since 2017 recession The latest GDP report by the National Bureau of Statistics today indicates growth in the Nigerian economy during Fourth Quarter of last […]<\/p>\n","protected":false},"author":7,"featured_media":13481,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,7],"tags":[1127,1121,1122],"class_list":["post-24856","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","category-news","tag-economy","tag-gdp","tag-nbs"],"_links":{"self":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts\/24856","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=24856"}],"version-history":[{"count":0,"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts\/24856\/revisions"}],"wp:attachment":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24856"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24856"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24856"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}