President Bola Tinubu has expressed his excitement over the latest Gross Domestic Product (GDP) growth figures released by the National Bureau of Statistics (NBS), highlighting the administration’s progress in economic recovery. The NBS reported that Nigeria’s real GDP grew by 3.2% year-on-year in the second quarter of 2024, surpassing the 2.51% growth recorded in the same period of 2023 and the 2.98% growth in the first quarter of 2024.
In a statement issued by Special Adviser to the President on Information and Strategy, Bayo Onanuga, Tinubu emphasized that this positive GDP growth, along with recent reports of declining food and headline inflation, indicates that the economy is on a strong path to recovery. He assured Nigerians that the benefits of his administration’s economic policies would soon be tangible.
“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,” the statement read.
President Tinubu reiterated his commitment to building a solid and resilient economy, urging Nigerians to maintain their faith in the government despite the challenges. He cautioned against being swayed by critics who aim to undermine the ongoing reforms for personal gain.
The NBS report revealed that the service sector was a significant driver of GDP growth in the second quarter of 2024, recording a 3.79% growth and contributing 58.76% to the overall economic output. The industry and services sectors also contributed more to the aggregate GDP compared to the same quarter in 2023.
In nominal terms, the aggregate GDP at basic prices stood at N60.93 trillion in the second quarter of 2024, a 16.94% year-on-year increase from the N52.10 trillion recorded in the same period of 2023.
President Tinubu expressed confidence that with the policies in place, Nigeria’s production levels, particularly in the oil sector, would soon increase to about two million barrels per day, further boosting the economy.
