{"id":8600,"date":"2021-08-27T20:27:26","date_gmt":"2021-08-27T19:27:26","guid":{"rendered":"https:\/\/thedailyleaks.com\/?p=8600"},"modified":"2021-08-28T15:01:40","modified_gmt":"2021-08-28T14:01:40","slug":"nigerias-5-01-gdp-growth-in-q2-2021-laudable-economists","status":"publish","type":"post","link":"https:\/\/thedailyleaks.com\/nigerias-5-01-gdp-growth-in-q2-2021-laudable-economists\/","title":{"rendered":"Nigeria\u2019s 5.01% GDP growth in Q2 2021 laudable \u2014 Economists"},"content":{"rendered":"<p>Economists have lauded the National Bureau of Statistics (NBS) estimates for Q2 Gross Domestic Product<span class=\"Apple-converted-space\">\u00a0\u00a0<\/span>(GDP), which grew by 5.01 per cent.<\/p>\n<p class=\"p1\"><span class=\"s1\">The experts, on Thursday in Lagos, however, urged the Federal Government to put measures in place to make the growth inclusive.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Prof Ndubisi Nwokoma, Director, Centre for Economic Policy Analysis and Research (CEPAR), University of Lagos, said on a comparative basis, the GDP growth figures meant the economy had opened up from the COVID-19 induced dislocations.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cImprovements in services were expected in view of the greater resort to ICT-induced service enhancement in the economy.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cHowever, the prevailing insecurity challenges in the country is a serious drag to output growth. If insecurity challenges are confronted headlong, economic growth in the coming quarters will be enhanced,\u201d Nwokoma said.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Sheriffdeen Tella, Professor of Economics at the Olabisi Onabanjo University Ago-Iwoye, Ogun, said the GDP figures represented good news, if the figures were true.<\/span><\/p>\n<p><strong>ALSO READ:\u00a0<a href=\"https:\/\/thedailyleaks.com\/fg-pledges-to-spend-half-of-nigerias-gdp-on-research-innovation\/\">FG pledges to spend half of Nigeria\u2019s GDP on research, innovation<\/a><\/strong><\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cA GDP growth of 5.01 per cent is a strong indicator for improved welfare. But the reality on ground does not support such growth rates.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cHowever, the sub-sectors identified for the growth, except, transportation, cannot impact seriously on employment and income whereas agriculture and industrial sectors that would impact on these recorded slow and negative growth respectively.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cActually, the fact is that the growth witness emanated largely from oil sector with improvement in oil prices since the beginning of the year.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cThe government still needs to address issue of security for agriculture and industries to pick up,\u201d Tella said.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Hassan Oaikhenan, Professor of Economics at the University of Benin, Benin-City, is worried that the GDP growth data do not reflect the reality on ground.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">He urged government to come up with pragmatic and decisive policies that are geared toward sourcing raw materials for the manufacturing sector from within.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">He said the agricultural sector needed to be harnessed to provide the raw materials needed by the industrial sector.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cThere is need for pragmatic and actionable policy actions to create linkage between the industrial and agricultural sectors,\u201d he said.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The NBS had reported that Nigeria\u2019s GDP grew by 5.01 per cent (year-on-year) in real terms, resulting in the third consecutive quarter of growth since last year\u2019s slowdown. The strongest real GDP growth the economy has recorded since Q4 2014.<\/span><\/p>\n<p>\u2022 <em>The experts spoke <span class=\"s1\">in separate interviews with the News Agency of Nigeria (NAN).<\/span><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"mh-excerpt\"><p>Economists have lauded the National Bureau of Statistics (NBS) estimates for Q2 Gross Domestic Product\u00a0\u00a0(GDP), which grew by 5.01 per cent. The experts, on Thursday in Lagos, however, urged the Federal Government to put measures <a class=\"mh-excerpt-more\" href=\"https:\/\/thedailyleaks.com\/nigerias-5-01-gdp-growth-in-q2-2021-laudable-economists\/\" title=\"Nigeria\u2019s 5.01% GDP growth in Q2 2021 laudable \u2014 Economists\">[&#8230;]<\/a><\/p>\n<\/div>","protected":false},"author":2,"featured_media":8615,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,3,2],"tags":[1796,366,41],"coauthors":[25],"class_list":{"0":"post-8600","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"category-latest-news","9":"category-top-news","10":"tag-economists","11":"tag-gdp","12":"tag-nigeria"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Nigeria\u2019s 5.01% GDP growth in Q2 2021 laudable \u2014 Economists - 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