…As Osinbajo condoles with UK over Manchester terror attack

By Levinus Nwabughiogu

ABUJA—Presidency said, yesterday, that there were strong indications that Nigeria was gradually exiting economic recession.

Special Adviser to the President on Economic Matters, Dr. Adeyemi Dipeolu, stated this is in a statement releasing the 2017 Q1 GDP figures.

He said there was a turnaround in the manufacturing and non-oil sectors, adding that there was also an increasing reduction in the sectoral negative growth.

The statement made available to State House correspondents read: “The latest figures released by the National Bureau of Statistics show that the economy shrank by 0.52 per cent in the first quarter of 2017 (Q1 2017).

BRIEFING: From left, Senior Special Assistant on Media to the President, Mallam Garba Shehu; Special Adviser on Media to the President, Mr. Femi Adesina and Senior Special Assistant to the Vice President on Media, Mr. Laolu Akande, during a World Press Conference to mark the second anniversary of the President Muhammadu Buhari administration at the State House Conference Hall, Presidential Villa, Abuja, yesterday. Photo: Abayomi Adeshida.

“Although the economy remains in recession, this is the strongest performance in five quarters and shows a significant turnaround from the low of -2.34 per cent reached in the third quarter of 2016 (Q3 2016).

“This is nearly two percentage point improvement and also reflects the fact that the number of sub-sectors that experienced negative growth has almost halved, falling from 29 sub-sectors for the whole of 2016 to 16 sub-sectors in Q1 2017.

“Agricultural growth remained in positive territory albeit growing at a slower rate of about 3.4 per cent, no doubt due to seasonal factors.

“Growth in manufacturing, on the other hand, returned to positive territory after five quarters of negative growth. It grew by 1.36 per cent in Q1 2017 after falling to a nadir of -7.0 per cent in Q1 2016.

“The solid mineral sector continued to justify the priority given to it by the Federal Government with high double digit growth for metal ores and quarrying at 40.79 per cent and 52.54 per cent respectively.

“Growth in the oil sector remained negative at -11.64 per cent although there was an over six percentage point improvement in its fortunes from the previous quarter.

“More significantly, the non-oil sector which accounts for about 90 per cent of GDP returned to positive growth although at a marginal level of 0.72 per cent in Q1 2017. This is the first positive growth in the non-oil sector since the last quarter of 2015.

“Headline inflation fell for the third month in a row to 17.24 per cent with core inflation also declining quite rapidly. However, food inflation remains of concern as it continues to trend upwards. This is mainly due to rising transport costs and other structural impediments to the movement of foods in the domestic market.”

Osinbajo condemns terror attack on Manchester

Meanwhile, Acting President, Prof. Yemi Osinbajo, yesterday condemned the terrorist attack on Manchester, United Kingdom in the early hours of Tuesday.

In a statement by his spokesman, Mr. Laolu Akande, the Acting President, who described the attack as “despicable,” condoled with Prime Minister Theresa May, the government and the people of the United Kingdom.

The statement read: “On behalf of the people and Government of Nigeria, Prof Osinbajo expresses heartfelt condolences and solidarity with the government and people of the United Kingdom in this period of grief.

“Describing the attack as a dastardly act and heinous crime, Acting President Osinbajo assures Prime Minister Theresa May that the prayers and thoughts of Nigerians are with the British people as they mourn the victims,  many of the them being young people.”