Instead, we treat happiness like a random happenstance, an emotional lightning strike. Who doesn’t want to be happy? Everyone claims they want happiness, but most people are not committed to making happiness a priority. Nigeria needs to consolidate on the GDP growths now recorded in the last two quarters, and oil can no longer be the champion in Nigeria’s journey to economic recovery.Cocooning, 2014, oil on canvas, 39.4×39.4 inches (100x100cm). We want the government to start making deliberate policy decisions to get other sectors to contribute towards economic growth. All the lofty plans for economic resuscitation such as the Economic Recovery and Growth Plan (ERGP), must transcend being good on paper, but as a matter of urgency, start being good in reality. For economic growth to be sustained, and indeed, achieving positive growth in all sectors (and sub-sectors), particularly those still recording negative growth, government must stop talking and start taking action. This can however not be the template for actualising growth in the non-oil sector. READ ALSO: Recession looms with 47.15% of NSE 30 firms in decline It is, mildly put, a product of happenstance. Not even because the government has made any extraordinary efforts to reform the oil sector for it to deliver more results. For all intent, present economic growth can be attributed to the increase in oil production and favourable prices. With all the seeming focus on non-oil growth by the incumbent administration, the sector ought to be delivering more to economic growth. Not only in agriculture, but the entirety of the non-oil sector must be subjected to more deliberate, strategic efforts to stimulate economic growth.Įven with the country pulling through a recession, and rising food inflation, Nigerians have not stopped eating neither have agro-exporters lost their appetite for foreign exchange. Oil is still delivering more value, while agriculture appears to be delivering only more volume. A three per cent growth (with some measure of decline from two of the last three quarters) does not show that reforms are yielding enough results. The agriculture sector grew by 3.06 per cent in Q3 2017 from 3.01 per cent in Q2 2017, 3.39 per cent in Q1 2017 and 4.54 per cent in Q3 2016. This growth is 3.74% points higher than the rate recorded in the corresponding quarter of 2016 ( -2.34%) and higher by 0.68% points from the rate recorded in the preceding quarter, which was revised to 0.72% from 0.55% (Q2 was revised following revisions by NNPC to oil output and hence led to revisions to Oil GDP).Īgriculture which according to the NBS drives growth in the non-oil sector has ironically been performing poorly.
Data from the National Bureau of Statistics showed that the nation’s Gross Domestic Product (GDP) grew in Q3 2017 by 1.40% (year-on-year) in real terms, the second consecutive positive growth since the emergence of the economy from recession in Q2 2017. The Q3 GDP released this week showed there was an increase in growth, somewhat consolidating the exit from recession in the second quarter. However, the contribution of the non-oil sector to this growth remains below par. Though marginal, Nigeria’s GDP indeed grew by 0.72 per cent (revised from 0.55), after five quarters of an economic recession. Nigeria’s exit from recession was a subject of considerable fanfare for the Federal Government as it seized the opportunity to reiterate its policies were working.
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