- Our economy recovering, Nigerians will soon feel our impacts – Tinubu assures
Nigeria’s Gross Domestic Product for the second quarter of 2024 grew by 3.19%, the National Bureau of Statistics has said.
In its Q2 2024 GDP Report on Monday, the Bureau said Nigeria’s GDP rose year-on-year in real terms in the second quarter of 2024.
“This growth rate is higher than the 2.51% recorded in the second quarter of 2023 and higher than the first quarter of 2024 growth of 2.98%,” the NBS stated.
The NBS said 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% and contributed 58.76% to the aggregate GDP.
“The agriculture sector grew by 1.41%, from the growth of 1.50% recorded in the second quarter of 2023. The growth of the industry sector was 3.53%, an improvement from -1.94% 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 quarter under review, the aggregate GDP at basic price stood at N60, 930,000.58 million in nominal terms.
“This performance is higher when compared to the second quarter of 2023 which recorded aggregate GDP of N52, 103,927.13 million, indicating a year-on-year nominal growth of 16.94%,” the Bureau stated.
Meanwhile, President Tinubu has reiterated his commitment to ensuring that the nation’s economy recovers, saying citizens would soon start to feel the impacts of his administration’s efforts.
He made this known on Monday while receiving the latest report by the NBS on the state of the economy, as the country’s Gross National Product posted another growth.
In a statement issued by the Special Adviser to the President on Information & Strategy, Bayo Onanuga, the real GDP grew by 3.2% year on year in Q2, higher than the 2.51% recorded in the same period of 2023, according to NBS.
“After another report on declining food and headline inflation, this latest report affirms that the economy is on the right trajectory and is indeed on the path to recovery.
“As the President said 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 his administration’s economic re-engineering efforts.
“We want to reiterate that this government will continue to work assiduously to rekindle Nigerians’ hope and confidence. President Tinubu is working to build a solid and resilient economy,” the statement noted.
President Tinubu urged Nigerians to retain their faith in the government and not allow themselves to be swayed by naysayers intent in aborting and undermining the current reforms for their selfish ends.
“We are confident that with the policies we have put in place, we expected production to rise to about two million barrels very soon,” President Tinubu said.
