Mr Ona Ohimor, a Financial Consultant, has described the growth in Nigeria’s Gross Domestic Product (GDP) in quarter two of 2021 (Q2, 2021), as a testament to the nation’s economic resilience and capacity in the face of setbacks.
Ohimor said this on Sunday in Abuja while speaking with the News Agency of Nigeria (NAN), adding that the 5.01 per cent GDP growth was a positive and welcome development, coming on the heels of the damaging effects of the COVID-19 pandemic and the attendant slump in oil demand and price.
“The GDP growth is a cause for cheer by all, as increased economic output rubs off by and large on the society.”
Ohimor cautioned that certain measures must, however, be put in place to ensure that the growth was sustained.
“The government needs to ensure that the growth is inclusive as much as possible, and by inclusive growth, I mean one that impacts all segments of society.
“The possibility of going back to into recession is there if the growth is not sustained. The onus is on the nation’s economic managers to elicit programmes and policies that will sustain the growth and keep recession away.
“The security threat from banditry and farmers and herders clashes will continue to dampen output from the agricultural sector”, he said, stressing that until the government took decisive steps to stem the scourge and ensure maximum output from the sector, real GDP growth would continue to be muted.
The News Agency of Nigeria (NAN) recalled that the National Bureau of Statistics (NBS) last Thursday released its Q2, 2021 GDP report which indicated that GDP grew by 5.01 per cent (Year-on-Year) growth in real terms marked by three consecutive quarters of growth since the recession in 2020.
It also said this indicated the return of business and economic activity near levels seen prior to the nationwide implementation of COVID-19 related restrictions.
The NBS also said that the steady recovery observed since the end of 2020, with the gradual return of commercial activity, local and international travel accounted for the significant increase in growth performance relative to Q2 2020 when nationwide restrictions first took effect.
Copyright 2022 ROYAL NEWS. All rights reserved. Digital material on this website, may not be published, reproduced, broadcast, rewritten or redistributed in whole or in part without prior express written permission from ROYAL NEWS.
- Senate considers bill to regulate informal sector employment
- Senate directs NEMA, others to help flood victims nationwide
- Senate hints on Electoral Offences Bill for 2023 elections
- Tstv accepts pay per view model against other stakeholders
- Breaking…. Kwara Gov. makes fresh appointments
- Bill demanding to Legalize Power Rotation stepped down in Senate
- Senate Moves to Whittle Down Powers of CBN Governor
- National Assembly’s Clerk, Amos Ojo solicits support for security agencies
- 2022 Olojo: Ooni assures of restoration of Nigeria’s lost glory
- SAD….Emir of Ilorin mourns late CSO, ASP Adebayo Olowoyo