The new administration’s economic reform measures such as the removal of fuel subsidy and the unification of the exchange rate have rather than ease the nation’s economic crisis, exercerbated it with the escalating rise in the cost of goods and services.
Expert says the economy is picking up slowly on expectation that the faithful implementation of the reform measures by the present administration will ultimately impact positively on the economy. He also belives that the renewed battle against crude oil theft which has increased the nation’s oil export as well as the rise in crude oil price are part of what is impacting the economy positively..
Though the fourth quarter growth is lower than the 3.52 percent recorded in the fourth quarter of 2022, it is however, higher than the two previous quarters of 2023, according to the National Bureau of Statistics (NBS) in its fourth quarter GDP report released yesterday.
According to the NBS, the economy grew from 2.51 percent in the second quarter of last year,to 2.54 percent in the third quarter before hitting 3.46 in the fourth quarter.
The report said the fourth quarter 2023 GDP growth was driven mainly by the services sector, which recorded a growth of 3.98 percent and contributed 56.55 percent to the aggregate GDP.
The agriculture sector grew by 2.10 percent, from the growth of 2.05 percent recorded in the fourth quarter of 2022.
The industry sector recorded a major leap, growing by 3.86 percent, from -0.94 percent recorded in the fourth quarter of 2022.
Professor Godwin Oyedokun of Lead City University, Ibadan in an interview said apart from that there is an increase in the oil price, some of the policy reforms of this administration is impacting the economy positively.
According to him, “Nigeria is a major oil-producing country, and if global oil prices have increased, this could lead to a boost in the country’s GDP as oil exports are a significant source of revenue for the country.”