NIGERIA’S economic growth has been mostly driven by the non-oil sector, President Muhammadu Buhari has said.
The President spoke on Thursday in New York at the Nigeria International Economic Partnership Forum on the sidelines of the United Nations General Assembly.
Buhari, who was represented by the Chief of Staff, Prof. Ibrahim Gambari, said this development gives credence to the revenue source diversification agenda of his administration.
He added that the country’s economy and population are the largest in Africa with over $400 billion in GDP and over 200 million people.
“The International Monetary Fund (IMF) projects global growth to slow from an estimated 6.1 percent in 2021 to 3.6 percent in 2022 and 2023. For our economy, we recorded quarterly GDP growth in Q1 2022. The growth has been mostly driven by the non-oil sector, giving credence to the revenue source diversification agenda of the government.
” The agricultural sector, our most important, has remained resilient in spite of security concerns, low irrigation, limited inputs, and legacy infrastructure challenges, with strong food demand bolstering growth. Growth in manufacturing reflected stronger household and business consumption on account of the reopening of economic activities and improvement in supply chains.”
Buhari said the present growth in the service sector was promising, adding that privatisation, foreign investment, globalisation and competition would stimulate economic growth.”
The President said the economy was ripe for increased investment.