"Nigeria: Non-oil revenues grow to N1.15 trillion"

" \n Nigeria: Non-oil revenues grow to N1.15 trillion \n \n\n \n Nigeria\u2019s non-oil revenue has risen 15.7% above the Federal Government\u2019s targets to N1.15 trillion. \n \n\n \n This was revealed by the Minister of Finance, Budget and National Planning, Zainab Ahmed at the Institute of Directors (IoD) 2021 Annual Directors Conference which was held physically and virtually on Wednesday in Abuja, according to the News Agency of Nigeria. \n \n\n \n She said this is a testament to the FG\u2019s efforts in diversifying the economy, at the event themed, \u201c Creating the Future: Deepening the Corporate Governance Practice through Multi-Sectoral and Multi-Generational Collaborations\u201d. \n \n\n \n What the Minister is saying \n \n\n \n She stated that the non-oil revenue growth showed Nigeria\u2019s resilience in recovery from recession from pandemic which brought challenges to global economies. \n \n\n \n She also stated that the FG\u2019s implemented monetary efforts to the private sector to stimulate growth, and is committed to further growth in the economy. \n \n\n \n \u201c 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%. \n \n\n \n \u201cOur non-oil revenues have grown to N1.15 trillion, representing 15.7% above set target. \n \n\n \n \u201cWe are working on the 2021 finance bill and it\u2019s nearing completion. \n \n\n \n \u201cAlso, the recent approval of the medium-term national development plan is an important milestone of Buhari\u2019s commitment to delivering sustainable growth and we require strong support and monitoring during implementation ,\u201d she said. \n \n\n \n She also addressed the recently launched Infrastructural Corporation of Nigeria (InfraCo), stating that it would increase investments in the Nigerian infrastructure sector to spur growth in key sectors of the Nigerian economy \n \n\n \n What you should know \n \n\n \n Nigeria\u2019s 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). \n \n\n \n Other drivers include Financial and Insurance (Financial Institutions); Manufacturing (Food, Beverage & Tobacco); Agriculture (Crop Production); and Transportation and Storage (Road Transport). \n \n\n \n In real terms, the non-Oil sector contributed 92.51% to the nation\u2019s 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%. \n "

"Nigeria: Non-oil revenues grow to N1.15 trillion"

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