Q3GDP growth insufficient to boost economy – Statistician General

The Statistician-General of the Federation, Adewale Adeniran yesterday said the Gross Domestic Products growth recorded in the third quarter was grossly insufficient to boost the current economy of the country.

Adeniran  attributed the low growth to the current security challenges ravaging the six geo-political zones of the country, arguing that when the environment is secured, people would be able to access their farms and produce more food in the market which will force prices down.

The Statistician-General, who made these assertions in Abuja at a public lecture/unveiling of Impart Economic Journal, called on the nation’s security chiefs to tackle insecurity to have an increase in the supply chain of the economy.

Adeniran, represented by the Head of the National Account Division, Dr Baba Madu, noted that the country needs security for the production of crude, stressing that even though the present security situation has not increased crude production, it has reduced oil theft and pipeline vandalism.

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He said: “The economic growth in quarter 3 is 2.54 which is still not sufficient enough, to have a reasonable growth you need to have a triple increase more than the population growth rate, which is 2.6 – 2.8.”

Speaking on the theme of the lecture: “Public Private Partnership: The Key to Building Economic Resilience and National Security”, the Editor-in-Chief/Chief Executive Officer of Impart Journal, Amb. Splendour Agbonkpolor said Nigeria’s problems is that of poverty which is man-made. Therefore, Nigerians have the responsibility to find solutions that will eradicate it and not God.

“Today’s event is most significant in the building of Nigeria’s economy; the issue addressed concerning Public Private Partnership is an area that is not fully optimized to bring about the rapid economic growth of the nation,” he said.