The Presidency has said the country’s economy is currently recovering and on the course of growth.

This was according to the 23rd newsletter published by the Presidency Office of Digital Engagement.

According to the presidency, the growth can be attributed to good performance of agriculture and solid minerals.

It said, “After two consecutive quarters of negative growth, the non-oil economy showed, in Q3 2016, a modest return to positive territory, at 0.03 per cent.

“This was partly due to the continued good performance of agriculture and the solid minerals, two sectors prioritised by the Federal Government.

“Agriculture grew by 4.54 per cent in the quarter under consideration of which growth in crop production at nearly 5 per cent was at its highest since the first quarter of 2014. Growth in the solid mineral sector averaged about 7 per cent.”

The document explains that local rice production improved from two tonnes per hectare to seven tonnes per hectare in some states.

It also said the Fertilizer Intervention Project is attempting to bring the retail price of fertilizer down by about 30 per cent.

It also disclosed that a new social housing programme tagged ‘Family Homes Fund’ is starting this year with a N100bn provision in the 2017 budget while the rest of the funding will come from the private sector.

The document said, “…Strategic Engagements with OPEC and in the Niger Delta have played an important part in raising our expected oil revenues. Already, Nigeria’s external reserves have grown by more than $4bn in the last three months.”

Azeez