Thread by @toluogunlesi

So the Q4 2018 GDP results released yesterday show the strongest economic performance since #Nigeria emerged from recession.
#Highlights

"39 out of 46 economic activities now growing. Agriculture is growing; Manufacturing is growing, and Services has recorded its best performance in 11 Quarters." - Udoma Udo Udoma

"Particularly notable is the fact that the growth is driven by the non-oil sector which has recorded its strongest growth since the fourth quarter of 2015. In short, we have turned the corner and are now firmly on the path of growth." - Udoma Udo Udoma

"Inflation Rate has been trending downwards from 18.55% as at December 2016 to 15.37% in December 2017 and further to 11.44% in December 2018. This is below the ERGP target of 12.42% for 2018."

"Stability has been restored in the Exchange Rate Market bringing near convergence between the interbank rate (NIFEX) and the autonomous rate (NAFEX) over the past 12 months."

"There is sustained accretion to External Reserves from $23.81 billion in September, 2016 to $43.042 billion as at 4th February, 2019."

"The economy has witnessed sustained positive trade balance since Q4 2016, as the value of Nigeria’s export continue to exceed imports. As at Q3 2018, Nigeria’s trade balance stood at N681.27 million as against a deficit of N135.96 million in the corresponding quarter of 2016."

"Manufacturing Purchasing Managers’ Index (PMI) in the month of January 2019 stood at 58.5 index points indicating expansion in the manufacturing sector for the 22nd consecutive month."

"Nigeria’s rank in the World Bank’s Ease of Doing Business Index improved from 170th in 2015 to 146th in 2018. This shows a movement by 24 places reflecting the impact of the reforms in the business environment."

"Manufacturing sector grew by 2.35% in Q4 2018 compared to 1.92% in Q3 2018, Agricultural sector rose from 1.91% in Q3 2018 to 2.46% in Q4 2018. Services recorded its best performance in 11 quarters, growing by 2.90% in Q4 2018 compared to 2.64% in the previous quarter."

Economic Interventions under the ERGP (all excerpts from statement by Ministry of Budget and National Planning):

"Establishment of Investors’ and Exporters’ FX window by the Central Bank of Nigeria to deepen the market, boost liquidity and accommodate all FX requirements."

"Setting up the Presidential Enabling Business Environment Council (PEBEC), which initiated and completed a 60-Day National Action Plan across many reform areas to improve the country’s Ease of Doing Business Ranking. This was complemented by Issuance of Executive Order EO1."

"Establishment of Nigeria Industrial Policy and Competitiveness Advisory Council as a vehicle for partnering with the private sector on the Industrialization agenda."

"Partnering with the private sector on infrastructure development through various models such as Road Trust Fund Scheme, Concessions arrangements; Public, Private Partnerships (PPPs)."

"Support for agriculture with over N120.6 billion disbursed to more than 800,000 farmers under the Anchor Borrower’s scheme, including the revitalization of 11 fertilizer blending plants, setting up of special Presidential Committee on key commodities such as Rice and Tomato."

"Improving domestic revenue mobilization by positive engagement with communities in Niger Delta so as to reduce disruptions to oil production. Other initiatives directed at increasing revenue mobilisation incl. @VAIDSNG, Exec Order on remittances of GOEs Operating Surplus, etc."

"Establishment of Efficiency Unit within Ministry of Finance to cut costs & block leakages; implementation of Treasury Single Account, WhistleBlowing Policy, Presidential Initiative on Continuous Audit, & implementation of Integrated Payroll Personnel System(IPPIS) across MDAs."

"Increased budgetary allocations to capital expenditure – from 16.1% in 2015 to 30.2% in 2016, 31.7% in 2017 and 31.5% in 2018 – with priority to the key execution priorities of the ERGP, as well as human capital and security, which are amongst the key objectives of the ERGP."

"Improved capital expenditure releases, in spite of revenue constraints – N1.2 trillion from 2016 Budget, N1.58 trillion in 2017 Budget and N1.23 trillion from the 2018 Budget as at 10th January, 2019."