President Bola Tinubu has expressed his enthusiasm in response to the latest economic report from the National Bureau of Statistics (NBS), which highlights the country’s Gross Domestic Product (GDP) showing significant growth.
According to the NBS, Nigeria’s real GDP increased by 3.2% year-on-year in the second quarter, surpassing the 2.51% growth recorded during the same period in 2023.
In a statement released by Bayo Onanuga, the Special Adviser to the President on Information and Strategy, he noted that this positive GDP report follows a recent decline in both food and headline inflation, reinforcing the belief that Nigeria’s economy is on the right path to 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. 
“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.
“We are confident that with the policies we have put in place, we expected production to rise to about two million barrels very soon.
“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.
“In the quarter under review, aggregate GDP at basic price stood at ₦60,930,000.58 million in nominal terms. This performance is higher than the second quarter of 2023, which recorded an aggregate GDP of ₦52,103,927.13 million, indicating a 16.94% year-on-year nominal growth.”
The NBS report further indicated that the 3.2% growth in Q2 2024 was not only higher than the 2.51% in Q2 2023 but also an improvement over the 2.98% growth seen in Q1 2024.
The second quarter’s GDP performance was largely driven by the service sector, which grew by 3.79% and contributed 58.76% to the total output.
The agriculture sector experienced a growth rate of 1.41%, slightly down from 1.50% in Q2 2023, while the industrial sector rebounded with a growth of 3.53%, compared to a contraction of -1.94% in the same quarter of the previous year.
Additionally, the NBS reported that 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 in place, production could soon rise to approximately two million barrels per day.
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