President Bola Tinubu has expressed approval of the recent National Bureau of Statistics (NBS) report indicating a positive growth trajectory for Nigeria’s economy.
The latest data reveals that the country’s Gross Domestic Product (GDP) grew by 3.2% year-over-year in the second quarter of 2024, surpassing the 2.51% growth recorded in the same period of 2023.
This development follows a previous report on decreasing food and headline inflation, reinforcing the perception that Nigeria’s economy is steadily recovering. President Tinubu highlighted this in his national broadcast on August 4, 2024, emphasizing that the ongoing economic reforms are beginning to yield tangible results.
In his statement, by Bayo Onanuga, the Special Adviser to the President on Information and Strategy on Monday, Tinubu reiterated the government’s commitment to economic revitalization.
He urged Nigerians to maintain faith in the administration’s efforts and not be swayed by critics attempting to undermine the reforms. The President assured that his administration is focused on building a robust and resilient economy.
The NBS report detailed that the GDP growth in Q2 2024 was driven primarily by the service sector, which expanded by 3.79% and contributed 58.76% to the overall output. The agriculture sector saw an improvement with a growth of 1.41%, reversing the previous year’s decline of -1.50%. The industrial sector also showed a significant rebound, growing by 3.53% compared to -1.94% in Q2 2023.
Additionally, crude oil production increased to 1.41 million barrels per day, up from 1.22 million barrels a year earlier. President Tinubu is optimistic that with ongoing policies, production could soon reach approximately two million barrels per day.
The nominal GDP for Q2 2024 stood at N60.93 trillion, marking a 16.94% year-on-year increase from N52.10 trillion recorded in Q2 2023. This reflects a substantial nominal growth and highlights the improved performance of both the industry and services sectors compared to the previous year.