Nigeria’s Cabinet Approves N7.13 Billion for Maritime Security
The Federal Executive Council (FEC) on Wednesday approved 22.995million dollars (N7.14billion) to enhance security of the nation’s Maritime sector
The Minister of Transportation, Mr Rotimi Amaechi, disclosed this when he briefed State House correspondents on the outcome of the Council’s meeting which was presided over by President Muhammadu Buhari at the Presidential Villa, Abuja.
Also, Minister of Budget and National Planning, Senator Udoma Udo Udoma, said that he presented a report to the cabinet meeting that indicated that the economy, when measured by real GDP, grew at 1.81 per cent in the 3rd quarter 2018 compared to 1.5 per cent in the 2nd quarter of 2018.
He stated that the Federal Executive Council noted that economic growth continued to be driven by the non-oil sector which grew by 3.32 per cent in the 3rd quarter.
He said “This has been the strongest growth in non-oil GDP in twelve consecutive quarters since the fourth quarter of 2015.”
Udoma said the non-oil growth was driven by transportation, electricity, telecommunication, metal oils, quarry among others.
“In addition, agriculture and manufacturing sectors also grew, agriculture by 1.91 per cent manufacturing by 1.92 per cent.
“These are stronger growth than in the 2nd quarter, so overall, council most encouraged by these results shows improvement in the economy.
“It also shows that our plans are working it equally shows that we need to intensify our economy and keep fit with our reforms through continuous implementation of the ERGP in order to continue to attract investments and set the economy on a more sustainable inclusive growth trajectory.”
Udoma said the cabinet was encouraged by this and believed that the economy would do even better in the 4th quarter.