The presidency on Thursday said only the blind can’t see the achievements of President Muhammadu Buhari, claiming that the administration’s diversification programme has improved the economy so much that the non-oil sector contributed 90.36 percent to GDP as against 9.61 percent coming from oil earnings.
Femi Adesina, Special Adviser to the President on Media and Publicity, gave the information in a statement he made available to State House reporters on Thursday.
He said contrary to what the opposition was brandishing as a failed economy, the economy had actually recorded some remarkable improvements when compared to past fiscal years.
“The oil sector’s contribution to GDP is 9.61%, while non-oil sector’s share is 90.39%,” Adesina stated.
He noted that there had been an improvement with stronger growth for three successive quarters.
From contracting by 0.91% in Q1 2017, the economy has grown by 0.72% in Q2 2017, to 1.17% in Q3 2017, and 2.11% in Q4 2017.
He said some people had made it a pastime to talk as if there was no silver lining in the sky as far as the Nigerian economy was concerned.
Part of the statement reads: “They carry on as if it is doom and gloom all the way, a thoroughfare of woes. This, they do, to hoodwink the public and peradventure gain political advantage for themselves, or their principals.
“But facts are stubborn things. Those arrayed against facts may abhor and deride them, but there they are, staring them starkly in the face.
“Here are some current facts about the Nigerian economy, which naysayers may not be able to do anything about: according to the National Bureau of Statistics (NBS), the economy has recovered from the slow-down and eventual recession, which started in 2014.
“The Q1 2018 GDP shows that the economy has recorded a GDP growth of 1.95%, compared to a contraction of 0.91% in Q1 2017.
“The growth is driven by Agriculture and Industry, which shows that finally, after more than 50 years of lip service, the Nigerian economy is on the road to diversification.
“One of the factors responsible for the positive performance of the economy in Q1 2018 was the spending of about N1.5 trillion on infrastructure projects in 2017.
“For the past 15 months, inflation has declined consistently from 18.72% to 12.48%. The country is steadily on the road to the single-digit inflation rate.
“The first quarter of 2018 saw a continuous growth in the total capital importation into the country, the fourth consecutive quarterly increase since Q2 2017.”