The Federal Government yesterday said vandalism and sabotage of critical oil and gas installations in the Niger Delta were the immediate causes of the lingering recession into the third quarter.
The National Economic Management Team (NEMT), headed by Vice President Yemi Osinbajo, said this in a statement yesterday by the Special Adviser to the President on Economic Matters, Adeyemi Dipeolu. The statement was made available to State House reporters by Osinbajo’s spokesman, Laolu Akande.
The economic management team also identified what it called continued out-sized influence of the oil and gas sector on the rest of the economy as a remote cause.
It said, however that efforts towards resolving the Niger Delta crisis were ongoing as the government had opened several channels of communication with all relevant groups in the region.
The economic management team admitted the non-oil economy posted a very slight growth.
The team assured that urgent fiscal and monetary measures were “certainly in the offing” in lieu of the persistence of the recession in the third quarter.
The third quarter results just released by the National Bureau of Statistics show that Gross Domestic Product (GDP) fell by -2.24% in the third quarter as compared to the decline of -2.07% experienced in the second quarter.