Nigeria’s economy showed signs of improvement in the second quarter of 2024, with President Bola Tinubu welcoming the latest report from the National Bureau of Statistics (NBS) as evidence of his administration’s effective economic policies.
According to the NBS, Nigeria’s real Gross Domestic Product (GDP) grew by 3.2% year-on-year in Q2 2024, surpassing the 2.51% growth recorded in the same period of 2023. This growth rate also exceeded the 2.98% expansion seen in Q1 2024, indicating an accelerating economic recovery.
President Tinubu, through his Special Adviser on Information & Strategy, Bayo Onanuga, expressed confidence in the country’s economic trajectory.
Onanuga stated, “As the president said in his August 4 national broadcast, our economy is recovering. Sooner than later, Nigerians will begin to feel, see, and enjoy the impact of his administration’s economic re-engineering efforts.”
The NBS report highlighted that the service sector was the primary driver of growth, expanding by 3.79% and contributing 58.76% to the aggregate output.
The industrial sector also showed significant improvement, growing by 3.53% compared to a contraction of 1.94% in Q2 2023.
Agriculture, while still growing, saw a slight deceleration to 1.41% from 1.50% in the previous year. Notably, crude oil production increased to 1.41 million barrels per day, up from 1.22 million barrels a year earlier.
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President Tinubu expressed optimism about further growth in this sector, stating, “We are confident that with the policies we have put in place, we expect production to rise to about two million barrels very soon.”
In nominal terms, the aggregate GDP at basic price stood at N60,930,000.58 million, representing a 16.94% year-on-year nominal growth compared to N52,103,927.13 million in Q2 2023.
The President urged Nigerians to maintain faith in the government’s economic policies.
“President Tinubu urged Nigerians to retain their faith in the government and not allow themselves to be swayed by naysayers intent on aborting and undermining the current reforms for their selfish ends,” Onanuga added.
