The Federal Government said on Monday the nation’s economy recorded a strong performance in 2019, building on a steady recovery since the last recession.
The Minister of Information and Culture, Lai Mohammed, disclosed this at a media briefing in Lagos while reeling out the major achievements of President Muhammadu Buhari’s administration in the outgoing year.
"In 2019, the Nigerian economy grew at an average rate of 2.2 percent over the first three quarters, compared to 1.7 percent 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 percent over the three quarters, compared to 2.4 percent in 2018, while the non-oil sector grew by two percent, compared to 1.7 percent in 2018.”
Mohammed said the average daily oil production level rose to its highest in the last three years, reaching two million barrels per day (mbpd) in 2019, compared to 1.8 mbpd in 2016, and 1.9 mbpd in 2017 and 2018.
He said in the third quarter of 2019, the major growth drivers were information and communications, agriculture, mining and quarrying, transportation and storage as well as manufacturing. The minister noted that the major growth drivers all had seen considerable focus from the government.
He said in the third quarter of 2019, a total of 34 economic activities witnessed positive expansion, same as in 2018. On the inflation rate, Mohammed said the trends indicated that overall macroeconomic stability was being achieved, with inflation rate steadily trending downwards.
The minister added: “Year-on-year headline inflation rate declined steadily from 15.1 percent in January 2018 to 11.9 percent in November 2019. Year-on-year core inflation rate slowed from 12.1 percent to nine percent between January 2018 and November this year.”
He said that the year-on-year food inflation rate decreased from 18.9 percent in January 2018 to 14.5 percent in November this year. Mohammed said for the first time since 1999, the Executive, in collaboration with the National Assembly succeeded in introducing the 12-month (January to December) budget cycle.
He described the development as important considering the damage that delayed passage of budgets had done to the economy in the last few years. (NAN)
