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Nigeria's Vice president, Prof. Yemi Osinbajo has reacted to the just released GDP figures for the 2016 second quarter by the National Bureau of Statistics.
The vice president confirmed a temporary decline, saying it also indicated an hopeful expectation in the country's economic trajectory.
A government statement released by Laolu Akande, Senior Special Assistant-Media & Publicity In the Office of the Vice President Besides said: “the growth recorded in the agriculture and solid mineral sectors, the Nigerian economy in response to the policies of the Buhari presidency is also doing better than what the IMF had estimated with clear indications that the second half of the year would be even much better.
“The Buhari presidency will continue to work diligently on the economy and engage with all stakeholders to ensure that beneficial policy initiatives are actively pursued and the dividends delivered to the Nigerian people.
"The just recently released data from the National Bureau of Statistics showed that Gross Domestic Product declined by -2.06% in the second quarter of 2016 on a year-on-year basis.
A close look at the data shows that this outcome was mostly due to a sharp contraction in the oil sector due to huge losses of crude oil production as a result of vandalisation and sabotage.
However, the rest of the Q2 data is beginning to tell a different story. There was growth in the agricultural and solid minerals sectors which are the areas in which the Federal Government has placed particular priority.
Recommended: Nigerian Inflation Hits 17.1%, Highest in Almost 11 Years
The vice president confirmed a temporary decline, saying it also indicated an hopeful expectation in the country's economic trajectory.
A government statement released by Laolu Akande, Senior Special Assistant-Media & Publicity In the Office of the Vice President Besides said: “the growth recorded in the agriculture and solid mineral sectors, the Nigerian economy in response to the policies of the Buhari presidency is also doing better than what the IMF had estimated with clear indications that the second half of the year would be even much better.
“The Buhari presidency will continue to work diligently on the economy and engage with all stakeholders to ensure that beneficial policy initiatives are actively pursued and the dividends delivered to the Nigerian people.
"The just recently released data from the National Bureau of Statistics showed that Gross Domestic Product declined by -2.06% in the second quarter of 2016 on a year-on-year basis.
A close look at the data shows that this outcome was mostly due to a sharp contraction in the oil sector due to huge losses of crude oil production as a result of vandalisation and sabotage.
However, the rest of the Q2 data is beginning to tell a different story. There was growth in the agricultural and solid minerals sectors which are the areas in which the Federal Government has placed particular priority.
Recommended: Nigerian Inflation Hits 17.1%, Highest in Almost 11 Years