President Bola Ahmed Tinubu has welcomed the latest report from the National Bureau of Statistics (NBS) on Nigeria’s economic performance, which shows continued growth in the country’s Gross Domestic Product (GDP). The report reveals that real GDP expanded by 3.2% year-on-year in the second quarter of 2024, surpassing the 2.51% growth recorded during the same period in 2023.
This positive growth follows a recent decline in both food and headline inflation, further underscoring that the economy is on the right track and moving towards recovery. Reflecting on the developments, President Tinubu recalled his August 4, 2024, national address, where he assured Nigerians that the economy is rebounding and that citizens will soon experience the benefits of his administration’s economic restructuring efforts.
President Tinubu reaffirmed the administration’s commitment to rebuilding a robust and resilient economy that restores hope and confidence in the nation’s future. He urged Nigerians to stay resolute and not be swayed by detractors seeking to undermine the ongoing reforms for selfish purposes.
The NBS report highlighted that the 3.2% growth rate in Q2 2024 is not only higher than the 2.51% recorded in Q2 2023 but also exceeds the 2.98% growth posted in Q1 2024. The service sector played a pivotal role in this performance, growing by 3.79% and contributing 58.76% to the aggregate output.
Meanwhile, the agriculture sector posted a 1.41% growth, slightly below the 1.50% growth seen in Q2 2023, while the industrial sector grew by 3.53%, a notable improvement from the -1.94% contraction recorded in the same quarter last year. The NBS also reported that crude oil production rose to 1.41 million barrels per day, up from 1.22 million barrels per day a year earlier.
Commenting on the oil sector’s performance, President Tinubu expressed optimism about further growth: “We are confident that with the policies we have put in place, production will soon rise to about two million barrels per day.”
In terms of GDP contribution, both the industrial and services sectors played a more significant role in the aggregate GDP in Q2 2024 compared to the corresponding period in 2023. The report also revealed that the aggregate GDP at basic prices stood at ₦60,930 billion in nominal terms, reflecting a 16.94% year-on-year nominal growth from the ₦52,103 billion recorded in Q2 2023.
The President Bola Ahmed Tinubu administration has said it remained determined to build on these gains, ensuring that the positive momentum continues and that the benefits reach all Nigerians.
