The Federal Government has disclosed that Nigeria’s economy recorded substantial growth in the second quarter of 2024 as the country’s nominal Gross Domestic Product hit N60.93 trillion during the period.
The government has attributed the development to its dedication to the implementation of economic policies aimed at identifying inefficiencies and ensuring that resources are effectively utilized.
The Permanent Secretary of the Federal Ministry of Finance, Lydia Jafiya, disclosed this during a sensitization programme about the upcoming implementation of quarterly citizens and stakeholders engagement, held at the ministry headquarters in Abuja last week.
Jafiya highlighted that the programme represents a crucial step towards enhancing the transparency and accountability of financial policies and strategies.
She said the ministry has spearheaded several reforms aimed at improving revenue generation, reducing leakages, and ensuring fiscal discipline which has in turn improved the nation’s GDP.
She noted that Nigeria’s nominal GDP reached N60.93 trillion, marking a 16.94 percent increase from the N52.103 trillion recorded in the same quarter last year.
Expatiating on the development, Director of Information and Public Relations, Mohammed Manga, in a statement on Friday said the GDP growth in Q2 was primarily fueled by the services sector, which experienced a 3.79 percent growth and accounted for 58.76 percent of the total GDP.
The agriculture sector grew by 1.41 per cent from 1.50 per cent recorded in the second quarter of 2023, while the industry sector grew by 3.53 per cent, an improvement from -1.94 per cent recorded in the second quarter of 2023.
The statement read, “It is pertinent to note that despite the challenging economic outlook, economic growth strengthened in the second quarter of 2024, with GDP growth by 3.19 per cent (year-on-year) in real terms.
“This growth rate is higher than the 2.51 per cent recorded in the second quarter of 2023 and higher than the first quarter of 2024 growth of 2.98 per cent. The performance of the GDP in the second quarter of 2024 was driven mainly by the services sector, which recorded a growth of 3.79 per cent and contributed 58.76 per cent to the aggregate GDP. The agriculture sector grew by 1.41 per cent, from the growth of 1.50 per cent recorded in the second quarter of 2023.
“The growth of the industry sector was 3.53 per cent, an improvement from -1.94 per cent recorded in the second quarter of 2023. In terms of share of the GDP, the industry and services sectors contributed more to the aggregate GDP in the second quarter of 2024 compared to the corresponding quarter of 2023. In the second quarter of 2024, aggregate GDP at the basic price stood at N60, 930,000.58 million in nominal terms.”
She further informed that “This performance is higher when compared to the second quarter of 2023, which recorded aggregate GDP of N52.1tn indicating a year-on-year nominal growth of 16.94 per cent.”
Mrs Jafiya reiterated the Federal Government’s commitment to boosting economic growth through collaboration with stakeholders, emphasizing the need for transparency, accountability, and inclusive dialogue in financial management and policy-making.
The launch of the Quarterly Citizens and Stakeholders Engagement by the Central Delivery Coordination Unit aims to foster better communication between the government and its citizens. This initiative is a significant step towards enhancing transparency and accountability in financial policies and economic strategies.
In his earlier remarks, Uyi-Aivinhenyo Osagie, Delivery Manager of the Central Delivery Coordination Unit, noted that the sensitization session was designed to inform citizen groups about the ministry’s progress in achieving the eight priorities set by President Bola Tinubu.
