Tuesday, December 07, 2021

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Nigerian president highlights national economic recovery

Nigerian president highlights national economic recovery

Abuja, Oct 2 (Prensa Latina) Nigerian President Muhammadu Buhari noted that the domestic economy is recovering through the progress of a diversification strategy, which includes the development of the non-oil sector.
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In his speech on the occasion of the 61st anniversary of the country’s independence on Friday, the leader pointed out that Nigeria began its economic recovery in the fourth quarter of 2020, with a Gross Domestic Product (GDP) growth of 0.11 percent.

He noted that despite the impact of Covid-19, in real terms, the nation reported a GDP increase of 0.51 percent in the first quarter of 2021, while this indicator rose to 5.01 percent in the second quarter.

After confirming that the agricultural sector is essential to the country’s efforts in the crucial diversification endeavor, the president called for boosting investments in this and other sectors.

Nigeria, Africa’s major oil-producing country, despite the aspiration to expand the contribution from various sectors, is not renouncing to increase its fuel refining capacity.

According to the head of State, the current road map envisages the start-up of oil refineries in the states of Imo, Edo and Bayelsa in the near future, in addition to plans for mega-projects of this kind in the states of Lagos, the economic capital, and Akwa Ibom.

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