BY KENNETH EZE
President Muhammadu Buhari has expressed pleasure at seeing the economy witness positive growth in GDP for three consecutive quarters and the highest quarterly growth since Q4 2014, which culminated in a 5.01 per cent growth in Q2 2021 as reported, Thursday, by the Nigerian Bureau of Statistics.
This was contained in a statement issued, Thursday, by Special Adviser to the President, Media and Publicity, Femi Adesina.
In the statement, the President commended managers of the economy for hard work and commitment, and urged them to keep at it till the positive development “touches the lives and pockets of the average Nigerian.”
Recall that the NBS reported that “The GDP grew by 5.01 per cent in Q2 2021 following 0.51 per cent growth in Q1 2021. This growth, which continues the progress of the preceding two quarters, is a continuing trend reflecting Nigeria’s economic rebound following the COVID-19-induced contractions seen in Q1 and Q2 2020.
“The non-oil sector is a significant contributor to the economic performance in Q2 2021 with growth of 6.74 per cent in real terms, the fastest growth in the sector since the third quarter of 2014. The contribution of the non-oil sector to GDP increased from 91.07 per cent in Q2 2020 to 92.58 per cent in Q2 2021.”
President Buhari assured that recent reforms and efforts like the conclusion of the Marginal Fields Bid Round, the renewed focus on gas development (including the NLNG Train 7 project, and various pipeline construction projects) as well as the passage and assent to the Petroleum Industry Bill, were certain to attract new investments to the oil and gas sector, which would create conditions for more robust levels of growth in the future.
“It is gratifying to note that the various policies of the administration, aimed at boosting agricultural production, improving the business environment, and investing massively in infrastructure, are beginning to yield fruit. Equally gratifying is the complementary news of the steady decline in the rate of inflation, over the last few months,” President Buhari added.
Recounting the efforts of his administration that led to the growth, he said, “The positive effects of the Economic Sustainability Plan (ESP), which helped fast-track the country’s exit from the COVID-induced recession of 2020, continue to be evident, as some of the sectors driving the Q2 2021 growth have benefited or are benefiting from government-led interventions.
“The successful roll-out of vaccines and COVID-19 protocols has also helped to reduce pressures on the healthcare system and the need for a lockdown.”
With sights on the future, the President assured that the investments in agriculture and infrastructure would continue, as would on-going efforts to achieve a significant improvement in the security situation across the country.
“There is no doubt that a more secure environment – which the security agencies are working hard to achieve – will spur and energize the shoots of economic progress being seen and felt in the country,” the President added.
