BREAKING: Economic Recovery Picking Up, Says FG

The Minister of Finance, Budget and National Planning Mrs. Zainab Ahmed has said the economic recovery was picking up steam.

She said the growth of Gross Domestic Product(GDP) by 5.01% was a positive one.

She also explained that the non-oil sector accounted for the new GDP in the 2nd Quarter of 2021.

She however said Nigeria has been borrowing “sensibly and responsibly.”

Ahmed expressed optimism on positive economic recovery at a briefing in Abuja.

Speaking to reporters in company with the Minister of Information and Culture, Alh. Lai Mohammed. The Finance Minister, said: “We are happy inflation is moving downward.

She said: “Growth in Q2 2021 would have been much stronger had it not been for Agriculture recording slower growth at 1.30% due to several bottlenecks currently negatively affecting the sector and due to the Industrial sector contracting by -1.23% largely due to the over 12% contraction in Crude Oil and Natural Gas Production.
“ The 2021 Q2 growth rate reflects much better economic performance compared to the same period last year, which recorded -6.10% growth rate.

“Nevertheless, the non-oil sector was a major driver of growth during the quarter, recording a growth rate of nearly 7% which represents the fastest growth in the non-oil sector since Q3 2014.

“We are happy economic and business activities are fully returning to pre-COVID-19 period.”

Details shortly…