Federal Executive Council (FEC) has applauded the consistent growth in the economy, fueled by non-oil sector growth of 3.32% in the 3rd quarter of 2018.
Minister of Budget and National Planning, Udoma Udo Udoma , disclosed this while briefing State House Correspondents after the weekly Federal Executive Council meeting presided over by President Muhamamdu Buhari at the Council Chambers of the Presidential Villa, Abuja on Wednesday.
Nigeria economic growth had maintained an upward look recording 1.81% growth in the 3rd quarter, compared to 1.5% in the 2nd quarter of 2018
“ Today I reported to the FEC we have seen steady recovery from the recession period the report indicates that the economy when measured by real GDP grew at 1.81percent in the 3rd quarter 2018, compared to 1.5percent in the 2nd quarter of 2018,”
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“FEC was particularly encouraged to note that economic growth continues to be driven by the non oil sector which grew by 3.32percent in the 3rd quarter this has been the strongest growth in non-oil GDP in twelve consecutive quarters since the fourth quarter of 2015.
BusinessDay gathered that the non oil growth was driven by transportation, electricity, telecommunication, metal oils, quarry and so on.
This is addition to the growth in the agriculture and manufacturing sectors which also grew by 1.91percent and 1.92percent , respectively.
According to Minister, “So, council was encouraged that these results shows improvement in the economy,” adding that “it also shows that our plans are working it equally shows that we need to intensify our economy and keep fit with our reforms through continuous implementation of the ERGP in order to continue to attract investments and set the economy on a more sustainable inclusive growth trajectory”
“ So, is encouraged by this and believes we should be able to do even better in the 4th quarter.
Tony Ailemen, Abuja
