ECONOMY: Udoma lauds non oil growth

OrderPaperToday – Despite the slight drop in GDP growth, the Minister of Budget and National Planning, Senator Udoma Udo Udoma, has expressed satisfaction with the growth in the non oil sector.

The Minister who reacted to latest GDP growth numbers by the National Bureau of Statistics (NBS) disclosed that 2.05% growth recorded in the non oil sector in the second quarter of 2018 is testament that the implementation of the targeted policies and programmes of the Economic Recovery and Growth Plan (ERGP) is yielding positive results.

Udoma stated this in a press statement by the Special Adviser to the Minister, Akpandem James, on Monday wherein he said the “2.05% growth in the non-oil sector represents the strongest growth in the non-oil GDP since the fourth quarter of 2015.”

He However expressed concern at the slight drop in real GDP growth rate for the second quarter, especially the oil and agriculture sectors.

Speaking further on the NBS report, the Minister praised the achievement of the government in terms of Foreign Direct Investment.

“The total value of capital importation into Nigeria stood at $ 5.5 billion in the second quarter of 2018, representing a 207.62% increase compared to the second quarter of 2017.

“While capital importation declined slightly in the second quarter of 2018, the total for the first half of 2018 at $11.8billionrepresents the highest half year capital importation since 2014, indicating increasing confidence in the Nigerian economy.” He said.

He therefore declared that with the implementation of the ERGP, the future is bright, while acknowledging the impact of insecurity of the solid mineral and Agriculture sectors.


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