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Tuesday, December 31, 2019

'2019: Nigeria made remarkable achievement under Buhari' -ITREALMS

ITREALMS:
Nigeria has made some remarkable achievements under President Muhammadu Buhari leadership in the last 12 months, with major growth drivers coming from Information and communications, agriculture, mining & quarrying, transportation and storage, reports ITREALMS.

These achievements include the overall growth with Nigerian economy growing at an average rate of 2.2 per cent over the first three quarters, compared to 1.7 per cent over the same period in 2018.

According to the Minister of Information and Culture, Alhaji Lai Mohammed at a media chat with ITREALMS in Lagos to present the major achievements of the Buhari's administration for the outgoing year, 2019.

He said for instance that in oil and non-oil sectors, both performed considerably better in 2019 than in 2018.

The oil sector, he told ITREALMS grew at an average of 4 per cent over the three quarters, compared to 2.4 per cent in 2018, while the non-oil sector grew by 2 per cent, compared to 1.7 per cent in 2018.

"We believe it is important to do this for the record, especially against the background of the continuing efforts by the political opposition to obfuscate the steady progress being made by the administration in all sectors, even in the face of dwindling resources.

These achievements, he said, were by no means exhaustive, but they headline the progress made by the administration in the year under review.

Some major growth sector, he revealed that in the third quarter of 2019, the major growth drivers were Information and communications, agriculture, mining & quarrying, transportation & storage as well as manufacturing, all of which have seen considerable focus by government.

'In the third quarter of 2019, a total of 34 economic activities witnessed positive expansion, same as in 2018," he said.

Nigeria, he also told ITREALMS witnessed strong performance in the external sector, suggesting increase in diversification of exports and export revenue.

The value of imports in 2019, as at the third quarter, he disclosed to ITREALMS, stood at 11.6 trillion naira, compared to 9.6 trillion naira as at third quarter of 2018. which represented an annual growth rate of 21 per cent between 2018 and 2019. Other than refined petroleum products, major imports. He said, have been machinery and vehicles.

The value of exports grew by 2.5% between 2018 and 2019 as




at the third quarter, rising from 14 trillion Naira to 14.4 trillion Naira. This resulted in a stronger overall performance and an increase in the value of total trade by 10% between 2018 and 2019.




While the value of crude oil exports, he said, decreased by 3.78 per cent, non crude oil exports rose by over 30 per cent in value between 2018 and 2019.




"Non-oil exports also doubled from about 1 trillion Naira to 2 trillion Naira over this period," he said.




Banji Boye/ Editor






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