The Minister of Finance, Zainab Ahmed has submitted on Wednesday that the country’s economy has been growing consistently.
She stated this while speaking to State House correspondents after the Federal Executive Council (FEC) meeting held at the Aso Rock Villa which was presided over by President Muhammadu Buhari.
According to her, an analysis of the third quarter gross domestic product (GDP) report for 2021 shows an improvement of the economy and an emergence from the recession witnessed in 2020.
However, when questioned by newsmen on why Nigerians are yet to feel the impact of the growing economy amidst the rising prices of items in the country, Ahmed said it is because the economic growth is yet to surpass the population growth rate.
“Let me say that, again, the Nigerian economy is growing. And right now we witnessed, four consecutive quarters of GDP growth,” Ahmed said.
“We also said that we aspire to continue to push this growth to the point where the growth supersedes the growth in our population because that’s the time that people will feel the benefits.
“So, we’re pushing the bar at the third quarter of 2021. The average annual growth is now 3.3%. Our population growth is roughly about 3.2%. So, we still need to do a lot more for people to feel this.
“But the fact that the service sector is not in positive territory, it also means that people will begin to feel the difference because it is the service sector that has the first direct impact on people.”