Udoma Udo Udoma, the minister of
budget and national planning says the economy is not at its strongest since it
exited recession.
In a statement signed by James
Akpandem, his special adviser, Udoma said he is encouraged by the fact that the
growth was largely driven by the non-oil sector which grew by 2.70% in the
quarter, posting a growth of 2.0% for the full year 2018.
He said this is the strongest
growth in non-oil GDP since the fourth quarter of 2015.
According to the gross domestic
report released by the National Bureau of Statistics on Tuesday, the full-year
2018 real GDP stood at 1.93%, higher than the 0.82% growth rate recorded in
2017.
He said the report reflected the
Buhari administration’s continued implementation of targeted policies,
programmes and projects across various MDAs and other sectors of the economy as
set out in the ERGP.
“Adherence to the ERGP has
resulted in the economy coming out of recession and heading towards sustainable
economic growth,” he said.
“It is a clear indication that
our programmes and policies are on the right track.”
Speaking at the recent dialogue
session organised by Deloitte in Lagos, Udoma assured that the economy will
continue to maintain its recovery and increase its growth trajectory in 2019.
“Our aim is to take all measures
necessary to ensure that we increase the growth rate whilst maintaining fiscal
sustainability,” he said.
Udoma said the GDP growth
corresponds with improvements in other indicators including inflation, foreign
reserves, exchange rates, trade balance and capital inflows, amongst others.
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