• GDP Grows by 3.2% in Q2, Beats 2023 Record
• Service Sector Drives Growth with 3.79% Increase
President Bola Tinubu yesterday expressed excitement over the latest report of the National Bureau of Statistics, NBS, which says the economy posted increased Gross National Product, GDP, growth.
According to NBS, the real GDP grew by 3.2 per cent year-on-year in Q2, higher than the 2.51 per cent recorded in the same period of 2023.
A statement issued by Special Adviser to the President on Information and Strategy, Bayo Onanuga, explained that 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,” the statement read.
According to the NBS report, the growth rate in Q2 is higher than the 2.51 per cent recorded in Q2 2023 and higher than the 2.98 per cent 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 per cent and contributed 58.76 per cent to the aggregate output.
“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.
The statement further 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 per cent year-on-year nominal growth.”
