New GDP Growth Shows Economy on the Right Trajectory – Presidency

• The Nigerian economy grew by 3.2% in Q2 2024, improving from 2.51% in the same period last year
• The Presidency emphasizes ongoing reforms and urges Nigerians to remain hopeful as benefits from economic policies are expected soon

The Presidency has expressed optimism about the latest report from the National Bureau of Statistics (NBS) on the state of the Nigerian economy, asserting that the policies implemented by the current administration are leading to stronger economic performance.

According to the NBS report, Nigeria’s real Gross Domestic Product (GDP) grew by 3.2% in the second quarter of 2024, an improvement over the 2.51% recorded in 2023.

In a statement, Bayo Onanuga, Special Adviser to the President on Information and Strategy, highlighted that this growth, alongside recent reports of declining food and headline inflation, confirms that the economy is on a positive trajectory and recovering.

“As the President stated 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,” Onanuga said.

The Presidency reiterated its commitment to rekindling hope and confidence among Nigerians, emphasizing that President Tinubu is focused on building a solid and resilient economy. Onanuga urged Nigerians to maintain their faith in the government’s reforms and not be swayed by critics seeking to undermine the progress.

The NBS report noted that the 3.2% growth in Q2 2024 is higher than both the 2.51% recorded in Q2 2023 and the 2.98% growth in Q1 2024. The growth was largely driven by the service sector, which grew by 3.79% and contributed 58.76% to the total output. The agriculture sector saw a growth of 1.41%, slightly lower than the 1.50% recorded in Q2 2023, while the industrial sector grew by 3.53%, a significant improvement from the -1.94% recorded in the same period of 2023.

Additionally, the NBS reported increased crude oil production to 1.41 million barrels per day, compared to 1.22 million barrels a year earlier. Onanuga expressed confidence that with the current policies, crude production is expected to rise to about two million barrels per day in the near future.