The Federal Government has said Nigeria’s economy in the outgoing year 2019 witnessed an impressive performance, recovering very well since the last recession.
The Minister of Information and Culture, Alhaji Lai Mohammed revealed this at a media briefing in Lagos while listing out the main achievements of President Muhammadu Buhari’s government for the year.
Lai said the oil and non-oil sectors have done better than they did last year.
He added that the country did well in general, considering the delayed passage of budgets it experienced.
His words, “In 2019, the Nigerian economy grew 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.
“Both the oil and non-oil sectors performed considerably better in 2019 than in 2018.
“The oil sector grew at an average of four per cent over the three quarters, compared to 2.4 per cent in 2018, while the non-oil sector grew by two per cent, compared to 1.7 per cent in 2018.”
According to him, the main growth drivers in the 3rd quarter of 2019 were Information and communications, agriculture, mining and quarrying, transportation and storage as well as manufacturing.
He continued, “Year-on-year headline inflation rate declined steadily from 15.1 per cent in January 2018 to 11.9 per cent in November 2019.
“Year-on-year core inflation rate slowed from 12.1 per cent to nine per cent between January 2018 and November this year.”
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