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HomeTop NewsNigeria's finance minister Ahmed says GDP growth, falling inflation delight govt

Nigeria’s finance minister Ahmed says GDP growth, falling inflation delight govt

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Nigeria finance minister, Zainab Ahmed on Monday said the government is delighted thatt inflation in trending downward while the economic recovery was picking up steam.

“We are happy inflation is moving downward,” Ahmed said while addressing the media  in company with the Minister of Information and Culture, Lai Mohammed.

She said the growth of Gross Domestic Product(GDP) by 5.01 percent was a positive one, noting that the non-oil sector accounted for the new GDP in the 2nd Quarter of 2021.

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“Growth in Q2 2021 would have been much stronger had it not been for Agriculture recording slower growth at 1.30 percent due to several bottlenecks currently negatively affecting the sector and due to the Industrial sector contracting by -1.23 percent largely due to the over 12 percent contraction in Crude Oil and Natural Gas Production.
“The 2021 Q2 growth rate reflects much better economic performance compared to the same period last year, which recorded -6.10 percent growth rate.

“Nevertheless, the non-oil sector was a major driver of growth during the quarter, recording a growth rate of nearly 7 percent which represents the fastest growth in the non-oil sector since Q3 2014.

“We are happy economic and business activities are fully returning to pre-COVID-19 period,” Ahmed said.

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