President Bola Tinubu says the report from the National Bureau of Statistics (NBS) on Nigeria’s gross domestic product (GDP) indicates that the economy is on the right trajectory.
NBS had earlier reported that the country’s GDP grew by 3.2 percent year on year in the second quarter (Q2) of 2024, higher than the 2.51 percent recorded in the same period of 2023.
According to a statement released on Monday by Bayo Onanuga, special adviser to the president on information and strategy, the report confirms that the economy is on the right path to recovery, following a previous report indicating declining food and headline inflation.
See statement below
PRESIDENT TINUBU WELCOMES THE REPORT ON NEW GDP GROWTH, ASSURES OF STRONGER ECONOMIC PERFORMANCE
President Tinubu has welcomed the latest report by the National Bureau of Statistics on the state of the economy, as the country’s Gross National Product (GDP) posted another growth.
According to NBS, the real GDP grew by 3.2% year on year in Q2, higher than the 2.51% recorded in the same period of 2023.
After another report on declining food and headline inflation, this latest report affirms that the economy is on the right trajectory and is indeed on the path to recovery.
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.
According to the NBS report, the growth rate in Q2 is higher than the 2.51% recorded in Q2 2023 and higher than the 2.98% growth in Q1 2024.
The GDP’s performance in the second quarter of 2024 was driven by the service sector, which recorded a growth of 3.79% and contributed 58.76% to the aggregate output.
The agriculture sector grew by 1.41% in contrast to the 1.50% recorded in the second quarter of 2023. The industrial sector’s growth was 3.53%, up from the -1.94% recorded in the second quarter of 2023.
The NBS also reported that crude production grew to 1.41 million barrels per day, compared with 1.22 million barrels a year earlier.
“We are confident that with the policies we have put in place, we expected production to rise to about two million barrels very soon,” President Tinubu said.
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 N60,930,000.58 million in nominal terms. This performance is higher than the second quarter of 2023, which recorded an aggregate GDP of N52,103,927.13 million, indicating a 16.94% year-on-year nominal growth.
Bayo Onanuga
Special Adviser to the President on Information & Strategy
August 26, 2024
