The Minister of Budget and National Planning, Udoma Udo Udoma on Thursday said the nation’s economy is still vulnerable to shock despite the recent exit from recession.
This was part of the minister’s contribution during Thursday’s National Economic Council meeting presided over by Vice President Yemi Osinbajo.
According to a statement made available by media aide to Vice President Yemi Osinbajo, Laolu Akande, the minister pointed to unemployment and underemployment as key issues that have to be fixed.
The statement read in part,“The minister invited the council to note that the NBS has published the GDP for the economy for Q2 2017; that the economy has now recovered from recession growing 0.55% in the second quarter of 2017, with Agriculture growing at 3.01% in Q2 2017, Industry growing for the first time in nine quarters by 1.45%, while Services contracted by -0.85%.
"That the recovery was driven largely by growth in agriculture, manufacturing, crude oil and gas production, solid minerals, financial services, and electricity supply.
"That headline inflation has trended downwards every month since January, though further developments in food prices still need to be watched closely.
"That the economy is sustaining the growth in capital imported into the country with improvement in foreign reserves and trade balance.
"That unemployment and underemployment remain a challenge for the economy. "That despite these improvements, the economy is still deemed vulnerable to shocks and focused policy implementation is required to sustain the recovery; and the need to continue implementing the ERGP for sustainable development.”