Tinubu Celebrates Nigeria’s Strong GDP Growth, Promises Brighter Economic Future

President Bola Tinubu has expressed optimism over the recent report by the National Bureau of Statistics (NBS), which highlights a significant improvement in Nigeria’s Gross Domestic Product (GDP). According to the NBS, the country’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.

This positive economic development follows another report indicating a decline in both food and headline inflation, signaling that the Nigerian economy is gradually recovering. President Tinubu, in his August 4, 2024, national broadcast, assured Nigerians that his administration’s economic re-engineering efforts are starting to yield results. He emphasized that the impact of these efforts would soon be felt across the country.

“We want to reiterate that this government will continue to work diligently to restore hope and confidence among Nigerians,” President Tinubu stated. He further urged citizens to remain steadfast in their faith in the government’s reforms, despite attempts by detractors to derail progress for selfish reasons.

The NBS report reveals that the growth rate in Q2 2024 is not only higher than the previous year but also an improvement from the 2.98% growth observed in Q1 2024. The service sector played a pivotal role in this growth, with a 3.79% increase, contributing 58.76% to the overall GDP. The agriculture sector, while experiencing a slight dip with a 1.41% growth, still contributed positively to the economy. Meanwhile, the industrial sector saw a remarkable rebound, with a growth rate of 3.53%, compared to a contraction of -1.94% in the same quarter of 2023.

Crude oil production also saw an uptick, reaching 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, oil production is expected to rise to about two million barrels per day shortly.

The overall GDP performance in Q2 2024 saw the industry and services sectors contributing more significantly to the aggregate GDP compared to the same quarter in 2023. The nominal GDP for the quarter stood at an impressive N60,930,000.58 million, marking a 16.94% year-on-year growth from the N52,103,927.13 million recorded in Q2 2023.

President Tinubu’s administration remains committed to building a resilient economy, ensuring that the positive trajectory continues, and that Nigerians reap the benefits of the ongoing reforms.