FG Says 2.05% Growth in Non-Oil Sector Encouraging.

The Minister of Budget and National Planning, Udoma Udo Udoma,has said that the Federal Government is encouraged by the continuing growth recorded in the non-oil sector, which grew by 2.05% in Q2 of 2018.

The announcement followed the release of the latest Gross Domestic Product(GDP) Growth numbers by the National Bureau of Statistics.

He emphasized that the focus of the Economic Recovery and Growth Plan (ERGP) is on diversifying the economy away from dependence on the oil and gas sector and was encouraged that efforts are yielding fruits by the continuing growth in the non-oil sector.

Udo Udoma noted that the 2.05% growth in the non-oil sector represents the strongest growth in the non-oil GDP since the fourth quarter of 2015.

You would recall that the National Bureau of Statistics Report indicated that the non-oil growth was driven by Transportation (road, rail water and air).

Udoma further noted that Growth in Transportation grew by 21.76%, supported by Construction 7.66% and Electricity 7.59%- three priority areas of the ERGP. Other non-oil sectors that drove growth in Q2 2018 include Telecomms which grew by 11.51%, Water supply and Sewage 11.98% and Broadcasting by 21.92%.

Leave a Reply

Your email address will not be published. Required fields are marked *