President Bola Tinubu expressed his enthusiasm following a report by the National Bureau of Statistics (NBS), which revealed that Nigeria’s economy experienced a 3.2% year-on-year growth in Gross Domestic Product (GDP) for the second quarter of 2024. This marks an improvement from the 2.51% growth recorded in the same period of 2023 and also surpasses the 2.98% growth observed in the first quarter of 2024.
Sector Contributions: The growth in Q2 2024 was largely driven by the service sector, which grew by 3.79% and accounted for 58.76% of the total GDP. The industry and services sectors together contributed more to the overall GDP in this period compared to the second quarter of 2023.
Economic Recovery: President Tinubu, through his Special Adviser on Information and Strategy, Bayo Onanuga, emphasized that the growth in GDP, along with recent declines in food and headline inflation, signifies that the economy is on a positive trajectory towards recovery. The President reiterated that his administration is committed to implementing economic reforms aimed at building a solid and resilient economy.
Reassurance to Nigerians: President Tinubu urged Nigerians to maintain their trust in the government’s efforts to revitalize the economy, despite the challenges. He emphasized that the impact of his administration’s economic policies would soon become evident to the public, with tangible improvements in living standards.
Future Projections: The President also expressed optimism about the country’s production capacity, particularly in the oil sector, where he expects production to rise to approximately two million barrels soon, further boosting economic performance.
This positive GDP growth indicates that the economy is gradually recovering, and the government remains focused on sustaining this momentum through continued reforms and strategic policies.
