Nigeria’s Minister of Finance, Budget and National Planning, Zainab Ahmed, has said that the nation’s non-oil revenue grew to N1.15 trillion, representing 15.7 per cent above the target rate in response to the Federal Government’s efforts at diversifying the nation’s economy.
Disclosing this at the Institute of Directors (IoD) 2021 Annual Directors Conference which was held physically and virtually on Wednesday in Abuja, Ahmed said the development was testament of the Federal Government’s efforts in diversifying the economy.
According to the Minister, Nigeria was showing resilience in recovery from recession from the ravages of the coronavirus pandemic which brought challenges to global economies.
She went on to note that the Federal Government’s implemented monetary efforts to the private sector to stimulate growth, and is committed to further growth in the economy.
“Nigeria was quickly able to exit recession and is on her way to path of sustainable growth and we are intensifying efforts to grow and diversify our revenue sources to grow revenue from the current 8%.
“Our non-oil revenues have grown to N1.15 trillion, representing 15.7% above set target.
“We are working on the 2021 finance bill and it’s nearing completion.
“Also, the recent approval of the medium-term national development plan is an important milestone of Buhari’s commitment to delivering sustainable growth and we require strong support and monitoring during implementation,” she said.
Mrs Ahmed reiterated the government’s commitment to addressing infrastructural gaps via Infrastructural Corporation of Nigeria (InfraCo) to reduce the cost of production for businesses in the country.
“It would increase investments in the Nigerian infrastructure sector to spur growth in key sectors of the Nigerian economy,” she said.
Nigeria’s non-oil sector grew by 5.44% in real terms during the reference quarter (Q3 2021). The growth recorded in the non-oil sector was mainly driven by trade, Information and Communication (Telecommunication).
Other drivers include Financial and Insurance (Financial Institutions); Manufacturing (Food, Beverage & Tobacco); Agriculture (Crop Production); and Transportation and Storage (Road Transport).
In real terms, the non-Oil sector contributed 92.51% to the nation’s GDP in third quarter 2021, higher from the share recorded in the third quarter of 2020 which was 91.27% and lower than the second quarter of 2021 recorded as 92.58%.