‘Our policies are yielding fruits’ — Buhari hails strong Q2 economic growth

President Muhammadu Buhari has applauded the 5 percent economic growth for the second quarter (Q2) of 2021.

Femi Adesina, special assistant to the president on media and publicity, stated this in a statement on Thursday.

According to the second-quarter GDP report released by the National Bureau of Statistics (NBS), Nigeria’s economy grew by 5.01 percent in the second quarter of 2021 — the strongest growth since the fourth quarter of 2014.

This marks three consecutive quarters of growth following the negative growth rates recorded in the second and third quarters of 2020.

The main drivers of the Q2 2021 economic growth include trade, information and communication (mainly telecommunications), transportation, electricity, agriculture (crop production) and manufacturing.

In the statement, Buhari said the growth is a continuing trend reflecting Nigeria’s economic rebound following the COVID-19-induced contractions seen in Q1 and Q2 2020.

He said the president commended managers of the economy for hard work and commitment, urging them to keep at it till the positive development “touches the lives and pockets of the average Nigerian.”

“These main growth drivers of this second quarter performance are reflective of the gains from easing restriction of movement locally and internationally, and the improvement in the business and economic environment compared to the same period in 2020,” the statement reads.

“The President notes the decline in real growth in the oil sector in Q2 2021, compared to a year ago. Oil production levels were at 1.62million barrels per day, compared to 1.67million barrels per day in Q2 2020. The lower production output as well as the volatility in oil prices since the beginning of the COVID-19 pandemic, is responsible for the decline in the performance of the oil sector.

“President Buhari assures that recent reforms and efforts like the conclusion of the Marginal Fields Bid Round, the renewed focus on gas development (including the NLNG Train 7 project, and various pipeline construction projects) as well as the passage and assent to the Petroleum Industry Bill (PIB), are certain to attract new investment to the oil and gas sector, and create conditions for more robust levels of growth in the future.”

He stated further that the various policies implemented by his administration in the areas of agriculture, business administration and infrastructure, are beginning to yield results.

He said the positive effects of the Economic Sustainability Plan (ESP), “which helped fast-track the country’s exit from the COVID-induced recession of 2020, continue to be evident, as some of the sectors driving the Q2 2021 growth have benefited or are benefiting from government-led interventions.”

Buhari assured Nigerians that there is much to be optimistic about, adding that investments in agriculture and infrastructure will continue, as will ongoing efforts to achieve a significant improvement in the security situation across the country.

The president added that a more secure environment will boost recorded progress.

“There is no doubt that a more secure environment – which the security agencies are working hard to achieve – will spur and energize the shoots of economic progress being seen and felt in the country,” he said.