President Tinubu has welcomed the latest National Bureau of Statistics (NBS) report, which shows continued growth in the country’s Gross Domestic Product (GDP). According to the report, real GDP grew by 3.2% year-on-year in Q2 2024, surpassing the 2.51% recorded in the same period last year.
Following recent reports of declining food and headline inflation, this latest growth reinforces the belief that the economy is on the path to recovery. President Tinubu reaffirmed that Nigerians will soon experience the benefits of his administration’s economic restructuring efforts.
In his August 4, 2024, national broadcast, President Tinubu assured Nigerians that the economy is recovering and urged them to maintain faith in the government’s reforms. He also cautioned against those attempting to derail the current progress for their selfish interests.
The NBS report highlighted that the service sector led the growth with a 3.79% increase, contributing 58.76% to the overall output. The agriculture sector grew by 1.41%, while the industrial sector showed significant improvement with 3.53% growth, up from the -1.94% recorded in Q2 2023.
Crude production also saw an increase, reaching 1.41 million barrels per day, up from 1.22 million barrels in the previous year. President Tinubu expressed confidence that production would soon rise to two million barrels per day due to the policies in place.
In nominal terms, the aggregate GDP for Q2 2024 stood at N60,930,000.58 million, reflecting a 16.94% year-on-year growth compared to the same period in 2023.
Bayo Onanuga
Special Adviser to the President on Information & Strategy
