Tinubu Responds To Nigeria’s Latest GDP Growth Data

Tinubu Responds To Nigeria’s Latest GDP Growth Data....KINDLY READ THE FULL STORY HERE▶

President Bola Tinubu has expressed his optimism following the latest economic report from the National Bureau of Statistics (NBS), which reveals significant growth in Nigeria’s Gross Domestic Product (GDP). According to the NBS, 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……CONTINUE READING 

In a statement by Bayo Onanuga, the Special Adviser to the President on Information and Strategy, it was noted that this positive GDP growth follows a recent decline in both food and headline inflation, reinforcing confidence in the country’s economic recovery. The statement read, “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 also emphasized that the government remains committed to rebuilding a solid and resilient economy, urging Nigerians to maintain their faith in the administration’s efforts and not be swayed by those who seek to undermine the ongoing reforms for selfish reasons. Tinubu highlighted that with the policies in place, production is expected to rise to around two million barrels per day soon.

The report from the NBS indicated that in the second quarter of 2024, the aggregate GDP at basic prices was ₦60,930,000.58 million in nominal terms, a significant increase from ₦52,103,927.13 million in the same quarter of 2023, representing a 16.94% year-on-year nominal growth. The 3.2% GDP growth in Q2 2024 not only exceeded the 2.51% in Q2 2023 but also showed an improvement over the 2.98% growth in Q1 2024.

The service sector was the primary driver of this growth, expanding by 3.79% and contributing 58.76% to the total output. The agriculture sector grew by 1.41%, slightly lower than the 1.50% growth in Q2 2023, while the industrial sector saw a rebound, growing by 3.53% compared to a contraction of -1.94% in the previous year’s same quarter. Additionally, crude oil production increased to 1.41 million barrels per day, up from 1.22 million barrels a year earlier.

President Tinubu expressed confidence that with the current policies, Nigeria’s oil production could soon reach approximately two million barrels per day.

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