10 sectors that pushed Nigeria out of recession - Buhari's economic adviser reveals
On Tuesday, September 5, 2017, NAIJ.com reported that the presidency welcomed news of Nigeria’s exit from recession with cautious optimism and said the government will continue to drive Nigeria’s economic growth.
According to them, they would implement the Economic Recovery and Growth Plan (ERGP) launched earlier this year by President Muhammadu Buhari.
In a recent interview with Channels TV, Buhari's special adviser on economic matters, Dr Adeyemi Dipeolu, spoke on how Nigeria was able to climb out and what must be done to improve the economy.
Below is a list of the sectors that helped the Nigerian economy according to the Nigerian Bureau of Statistics (NBS):
1. Agriculture
2. Telecoms
3. Petroleum
4. Construction
5. Transportation
6. Manufacturing
7. Real Estate
8. Trade
9. Education
10. Financial services
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Watch the video below of the interview:
According to him: "The move out of the recession is partly a story foretold, in the sense that over the past months we have seen an improvement in the economy, increased foreign reserve earnings, reducing inflation.
"There is also the element of the fact that oil prices have held up relatively and production has ramped up. The first fear is that we have to be wary of any exogenous shocks that take us out of our current growth trajectory.
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"We have to remain steady to avoid policy slippages. We also have to ensure that all sectors of teh economy are contributing their quota to ensure continued growth."
Also, Professor Pat Utomi, a political economist advised the government on ways to sustain the current positive economic outlook to include working closely with the private sector to engender growth.
NAIJ.com said the professor asked the government to focus on creation of jobs taking into consideration the growing population. “It is a good thing that you don’t have the perception thing of being in a recession.
”The most important problems are that of job creation, and how do we take advantage of the fact that there is not the burden or perception of being in a recession to then begin to look at how to grow the economy more dynamically."
Watch this NAIJ.com video as Nigerian market women speak on the state of the economy: