Nigerian economy grew by 0.82% in 2017 - NBS

Nigerian economy grew by 0.82% in 2017 - NBS

- The National Bureau of Statistics says crop production grew 4.58 % in the fourth quarter of 2017

- A renowned Nigerian economist, Bismark Rewane, says the damage repaired by the current administration was caused by the regime

The Nigerian economy grew by 0.82 % in 2017, the National Bureau of Statistics stated in a release on Tuesday, February 27.

The 0.82 % growth in Gross Domestic Product (GDP) is an improvement over the contraction of -1.58% which the economy recorded in 2016 during the period of recession.

In the report which contained the full details of economic growth in the country in 2017, the NBS attributed the GDP growth in the fourth quarter of 2017 to growth in crop production, crude production and natural gas, metal ores, construction, transportation and storage, trade, electricity and gas production.

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It said crop production grew by 4.58% in the fourth quarter of 2017 compared to 3.19% in the third quarter 2017.

The bureau stated that crude production by 8.38% in the fourth quarter of 2017 compared to 25.89% in the third quarter of 2017.

It said metal ore grew by 31.86% in the fourth quarter of 2017 compared to 10.70% in the third quarter of 2017.

Below is the NBS report showing growth recorded in some sectors of the Nigerian economy in 2017:

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Meanwhile, a renowned Nigerian economist, Bismark Rewane, has said the economic policy of the Buhari administration has repaired the damage done to the economy.

Rewane, however noted that the damage repaired by the administration was caused by the current regime.

The Cable reports that the economist made the statement when speaking with Financial Times of London. He was said to have used a football analogy to describe Buhari taking credit for the economic situation.

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Source: Legit.ng

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