Tinubu welcomes new 3.2 percent GDP growth, assures Nigerians of stronger economic performance

*President Bola Ahmed Tinubu welcomes the latest report on the Nigerian economy by the National Bureau of Statistics, asserting ‘we are confident that with the policies we have put in place, we expect production to rise to about two million barrels very soon’

Gbenga Kayode | ConsumerConnect

As the West African country’s has posted fresh Gross National Product (GDP) growth, President Bola Ahmed Tinubu has welcomed the latest report by the National Bureau of Statistics (NBS) on the state of the Nigerian economy.

ConsumerConnect reports the NBS Monday, August 26, 2024, published the real GDP grew by 3.2 percent year-on-year in Second Quarter (Q2) 2024, a figure higher than the 2.51 percent recorded in the same period of 2023.

Following yet 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, said the Federal Government.

President Bola Ahmed Tinubu, GCFR

The Bureau affirmed in the report that Nigeria’s GDP for Q2 2024 grew by 3.19 percent, stating the country’s GDP rose year-on-year in real terms in the last quarter.

It also stated: “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%.”

According to NBS, the performance of the GDP in Q2 2024 was driven mainly by the services sector, which recorded a growth of 3.79 percent and contributed 58.76 percent to Nigeria’s aggregate GDP.

Government will continue to work, rekindle Nigerians’ hope and confidence ─Presidency

Commenting on the development, Mr. Bayo Onanuga, Special Adviser to the President on Information and Strategy, Monday, August 26, 2024, recalled in a statement that President Tinubu, in his August 4 national broadcast, had said that the Nigerian economy is recovering.

The President noted that sooner than later, Nigerians would “begin to feel, see, and enjoy the impact of his administration’s economic re-engineering efforts.”

Onanuga stated: “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.

“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.”

The Presidential aide also referenced the NBS report in which the country’s growth rate in Q2 is higher than the 2.51 percent recorded in Q2 2023 and higher than the 2.98% growth in Q1 2024.

He noted the GDP’s performance in the second quarter of 2024 was driven by the service sector, which recorded a growth of 3.79% and contributed 58.76% to the aggregate output.

The Federal Government as well said the Agriculture sector of the economy grew by 1.41% in contrast to the 1.50% recorded in the second quarter of 2023.

The industrial sector’s growth was 3.53%, up from the -1.94% recorded in the second quarter of 2023.

The NBS also reported that crude production grew to 1.41 million barrels per day, compared with 1.22 million barrels a year earlier.

The statement further noted: “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.

“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.”

He added: “In the quarter under review, aggregate GDP at basic price stood at N60,930,000.58 million in nominal terms.

“This performance is higher than the second quarter of 2023, which recorded an aggregate GDP of N52,103,927.13 million, indicating a 16.94% year-on-year nominal growth.”

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