President Tinubu Welcomes 3.19% GDP Growth as Nigerian Economy Shows Signs of Recovery

The Presidency has announced that President Bola Ahmed Tinubu is committed to building a solid and resilient economy, following the latest report from the National Bureau of Statistics (NBS) indicating that Nigeria’s Gross Domestic Product (GDP) grew by 3.19% in the second quarter of 2024. This growth rate surpasses the 2.51% recorded in the same period in 2023, signaling a positive trend in the nation’s economic trajectory.

Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga, shared the government’s enthusiasm about the report, emphasizing its significance in restoring Nigerians’ hope and confidence in the current administration’s economic policies.

Onanuga reiterated the President’s call for Nigerians to maintain their faith in the government’s ongoing reforms, urging them not to be swayed by those who might seek to undermine these efforts for personal gain. He highlighted that the GDP growth report aligns with recent data showing a decline in both food and headline inflation, further validating that the Nigerian economy is on the path to recovery.

“As the President mentioned in his August 4, 2024 national broadcast, our economy is recovering. Sooner than later, Nigerians will begin to feel, see, and enjoy the impact of this administration’s economic re-engineering efforts,” Onanuga stated. He added that the government expects production to rise to approximately two million barrels of oil per day shortly.

The NBS report revealed that the GDP growth in Q2 2024 was driven largely by the service sector, which grew by 3.79% and contributed 58.76% to the overall output. The industrial sector also showed positive growth at 3.53%, a significant improvement from the -1.94% recorded in the same period in 2023. Meanwhile, the agriculture sector grew by 1.41%, slightly lower than the 1.50% growth in Q2 2023.

In addition, the report highlighted that crude oil production increased to 1.41 million barrels per day, up from 1.22 million barrels a year earlier. The overall aggregate GDP at basic prices stood at N60.93 trillion in nominal terms, marking a 16.94% year-on-year nominal growth from the N52.1 trillion recorded in Q2 2023.

The Presidency views these figures as a strong indication that the Nigerian economy is on the right path and that the reforms implemented by the Tinubu administration are beginning to yield tangible results.

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