FEC receives report on 3.1% economic growth

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The Federal Executive Council (FEC) received a report about Nigeria’s 3.1 per cent economic growth in the first quarter of 2022 at its weekly meeting on Wednesday.

Hajia Zainab Ahmed, Minister of Finance, Budget and National Planning, made the declaration at the end of the meeting presided over by Vice-President Yemi Osinbajo.

The minister noted, however, that the report showed contractions in some sectors of the economy.

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“The Federal Executive Council received a report from the Ministry of Finance, Budget and National Planning for the first quarter of 2022. “I know that this report has been out in the media since last week Monday, but because we didn’t have FEC meeting last week, we presented it today.

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“The report shows that the economy grew by 3.1 per cent in the first quarter of 2022 compared to a growth of 0.5 per cent in the corresponding period in 2021.

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“This growth shows a gradual economic stability from the recession that we witnessed in 2020; and also it shows the sixth quarter of positive growth that the Nigerian economy has presented,’’ she said. Ahmed added that of the 46 economic activities, the bulk sector performance showed that services sector grew strongly by 4.7 per cent; agriculture grew by 3.61 per cent while industry contracted by -6.81 per cent.

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According to her, there is also a significant contraction in the crude oil, petroleum and natural gas sector by -26.04 per cent.

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