Amid hurrays of celebration over the exit of the country from the plunges of an economic recession, the Presidency is taking a more solemn outlook it labels as ‘cautious optimism’ on the matter. This much was gathered from a special press release from the Special Adviser to the President on Economic Affairs, Dr. Adeyemi Dipeolu.
Though subdued, the statement has undertones of the President’s joy and probably relief over the development. Similarly, the statement took time to show reasons why the country’s exit from recession was accomplished.
Here are 4 that stand out.
Growth of both oil and non-oil sectors: A 1.54% growth in the oil sector after a 15.6% negative growth in Q1 2017 and a second successive quarterly growth of 0.45 in the non-oil sector were labelled as key factors for the economy’s revival.
Enduring growth of the agricultural sector: Despite the collapse of several other sectors around it, the President noted that the agricultural sector maintained which is encouraging especially if seasonal factors are taken into account.
Improved investment portfolios: Capital importation growth by 95% year-on-year driven by portfolio and other investments and notably by foreign direct investment which increased by almost 30% over the previous quarter as well as improvement in foreign trade were other reasons for optimism.
Anticipated fruits of the SIPs: The anticipated fruits of the Social Investment Programmes form another basis for the President’s optimism that the economic improvement can be sustained. N-Power and the social housing scheme are expected to boost job creation and improve the living status of Nigerians.