Following the shrinking of Nigeria’s Gross Domestic Product, GDP, by 2.24 percent in the third quarter of 2016, the Federal Government on Monday expressed optimism that the fourth quarter of the year will be better for the country as far as its economy is concerned.
Latest figures released by the National Bureau of Statistics, NBS, on Monday indicated that the Nigerian economy contracted by 2.24 percent after it had shrunk 0.36 percent in the first quarter, and 2.06 percent in the second quarter of 2016.
A report published on the NBS website reads, “In the third quarter of 2016, the nation’s Gross Domestic Product (GDP) contracted by -2.24% (year-on-year) in real terms.
“This was lower by 0.18% points from growth recorded in the preceding quarter and also lower by 5.08% points from growth recorded in the corresponding quarter of 2015. Quarter on quarter (unadjusted for seasonality), real GDP increased by 8.99%.”
But briefing State House correspondents on the outcome of the Federal Executive Council meeting presided over by Vice-President Yemi Osinbajo at the Presidential Villa, Abuja, the Minister of Budget and National Planning, Senator Udo Udoma said the council reviewed the figures released by the bureau.
He said the council noted that the nation’s economy is still in recession with the third quarter report worse than that of the second quarter, adding that while the recession was attributable to the oil sector, the good news was that the non-oil sector was improving in an encouraging manner.
“We are encouraged by the direction of the non oil sector. In the oil sector, we believe fourth quarter will be better. We are looking forward to a fourth quarter that is better than third quarter,” Udoma said.
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