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It said it would continue to drive economic growth by vigorously implementing the Economic Recovery & Growth Plan (ERGP) launched earlier this year by President Muhammadu Buhari.
A statement by Mr. Laolu Akande, Senior Special Assistant to the President on Media & Publicity, Office of the Vice President, said National Bureau of Statistics broke the news.
He said: “The overall economic plan and direction of the administration has resulted, among others, in sustained restoration of oil production levels.’’
The sustenance, he explained, was made possible because of the enhanced security and stability in the Niger Delta.
He backed up his statement with that also released by the Economic Adviser to the President, Dr. Adeyemi Dipeolu, on the analysis carried out on 2nd quarter 2017 economic performance of National Bureau of Statistics (NBS).
“The figures released by NBS for the second quarter of this year (Q2 2017) show that the economy grew by 0.55% from -0.91% in Q1 2017 and -1.49% in Q2 2016.
“This in effect means that the Nigerian economy has exited recession after five successive quarters of contraction,’’ Dipeolu said.
This positive growth was attributable to both the oil and non-oil sectors of the economy, he said.
Growth in the oil sector which has been negative since Q4 2015 was positive in Q2 2017 as it rose by 1.64% as compared to -15.60 in Q1 2017; an increase of up to 17 percentage points.
“This improvement is partly due to the fact that oil prices which have improved slightly from the lows of last year have been relatively steady as well as the fact that production levels were being restored.’’
According to NBS, the non-oil sector grew by 0.45% in Q2 2017, a second successive quarterly growth after growing 0.72% in Q1 2017.
“This increase which was not quite as strong as it was in Q2 2016 reflects continuing fragility of economic conditions.
“However, given that nearly 60% of the non-oil sectors contribution to GDP is influenced by the oil sector, growth in the oil sector will help boost the rest of the economy.