The minister of Information and Culture, Alhaji Lai Mohammed has disclosed that pulling Nigeria out of recession was not by accident, saying the current administration is working and the results are showing in the various sectors of the economy.
The minister who stated this at the 4th Annual Conference of the Association of Communication Scholars and Professionals of Nigeria (ACSPN) in Kano yesterday, said that the nation was out of recession as a culmination of months of hard work by the administration and fidelity to its well-articulated economic policies, especially the Strategic Implementation Economic Recovery (2016) and the Growth Plan (ERGP) that was launched on April 5th, 2017
Alhaji Mohammed listed some of the ‘’incrementally-positive steps’’ that got Nigeria out of recession as including the reversal of the consistent slowdown since 20014 to a level where the GDP finally grew by 0.55 per cent in the second quarter of 2017.
‘’This positive growth is attributable to both the oil and non-oil sectors of the economy. Growth in the oil sector, which has been negative since Q4 2015, was positive in Q2 2017. It rose by 1.64 per cent as compared to -15.60 in Q1 2017, an increase of up to 17 percentage points.
‘’The non-oil sector grew by 0.45 per cent in Q2 2017, a second successive quarterly growth after growing 0.72 per cent in Q1 2017. In particular, improvement in the non-oil sector was driven principally by strong growth in agriculture and solid minerals sector, and reversal in the previous contraction of the manufacturing and construction sector. This shows that the government’s economic diversification programme is working,’’ he said. (LEADERSHIP)M