The Non-Oil sector of the Nigerian economy grew by 2.47 per cent year-on-year in the first quarter of the year, 2019.
The first quarter report released by the National Bureau of Statistics (NBS) showed gross domestic product (GDP) growth of 2.47 per cent in the non-oil sector. The figure is 1.72 per cent points higher compared to the rate recorded in Q1, 2018, but 0.23 per cent points lower than the fourth quarter, 2018 record.
The NBS report noted that the sector saw a mixed performance across its major components. The Agriculture sector grew 3.17 per cent, its highest in five quarters. The Industry’s sub-sector grew at a slower rate of four basis points, from 0.95 per cent in Q4, 2018 and 6.58 per cent in Q1, 2019. Also, although Services sub-sector rose 2.41 per cent, recovery from the decline of 0.47 per cent in Q1, 2018, it recorded a lower growth when compared to fourth quarter, 2018 of 2.90 per cent.
The year-on-year recovery recorded in the services sector is traceable to the strong growth recorded in the Information and Communication Sub-sector with a growth of 9.48 per cent year-on-year.
Overall, the contribution of the Non-oil Sector to aggregate GDP settled at 90.86 per cent, a marginal uptick from 90.45 per cent in Q1, 2018 but a 2.08 per cent decline from 92.94 per cent in Q4, 2018.
Lagos Chamber of Commerce and Industry (LCCI) recently called on the federal government to drive the growth of the non-oil sector through enhanced participation of the Small and Medium Enterprise (SMEs) sector.
The Chamber said that the non-oil sector guaranteed a more sustainable growth beyond the volatility of oil prices in the international market, saying that the chamber was passionate at seeing the private sector empowered in order to positively impact on job creation, poverty alleviation and supporting economic development.
“We therefore recommend that the current reform efforts are sustained to ensure stronger and sustainable businesses in Nigeria. There is a need for a stable policy and regulatory environment that supports the reforms on the ease of doing business in Nigeria. Issues of taxation, trade and foreign exchange policies should be managed in line with international best practices.
“This should take into consideration policies that facilitate trade, attract foreign investment and protect businesses from avoidable regulatory pressures,” it said.
The Chamber said that with the right policy environment and provision of needed infrastructures, Nigerian entrepreneurs were resourceful and diligent to fully contribute to economic recovery and growth.
Ex-Minister, Adedoja, Seeks More Varsities
A former Minister of Sports, Prof. Taoheed Adedoja, on Tuesday called for the establishment of more universities in Nigeria while...
Kidnapping: Police Rescued 3 Abducted Lebanese Nationals In Rivers
Rivers Police Command says it has rescued three Lebanese nationals who were abducted at a construction site in Andoni Local...
Edo Commences Preparation For 2019 Christian Pilgrimage
The Edo State Government has commenced preparation for the 2019 Christian pilgrimage, with a call on Christians in the state...
Despite Challenges, Nigeria Haven For Investments, Innovation – Osinbajo
Vice President Yemi Osinbajo in New York said the huge development challenges facing Nigeria and the rest of Africa were...
2019 Election: 60 Presidential Pass Vote Of Confidence On INEC, Urges PMB To Sign Electoral Act
Sixty presidential candidates in the just concluded 2019 elections under the banner of the Joint Forum of Presidential Candidates and...
AIHS To Unveil Alternative Housing, Construction Finance Opportunities
The Abuja International Housing Show (AIHS) is expected to unveil the alternative models and opportunities for accessing housing and construction...
KEDCO Engages 5 Firms For Meters Distribution
The Kano Electricity Distribution Company (KEDCO) is to engage five vendors on metering service delivery as a measure to close...
NEWS21 hours ago
Gov Fintiri Sacks LG Staff Employed from April 2016 To Date
NEWS21 hours ago
INEC Server: Stop Heating Up Nigeria’s Polity, NANS Tell Atiku
COVER STORIES11 hours ago
CBN Kicks Off PMB’s 100m Jobs Project
NEWS19 hours ago
Gov Fintiri Declares Free Education in Public Schools in Adamawa
COVER STORIES12 hours ago
Zamfara: Ex-Gov Yari Leaves N251bn Debt
NEWS21 hours ago
FMC, Keffi Staff Protest Appointment Of New Clinical Head
WORLD2 hours ago
‘Mental Retardation’: Iran’s President Mocks Donald Trump
NEWS23 hours ago
TETFUND Commends UniJos On Research, Development