NBS Report Reveals Strong GDP Growth
The Nigerian Bureau of Statistics (NBS) has announced that Nigeria’s real Gross Domestic Product (GDP) grew by 3.2% year-over-year in the second quarter of 2024.
This growth surpasses the 2.51% recorded in the same period in 2023, reflecting a positive trend in the country’s economic recovery efforts.
Join our WhatsApp ChannelThe report, released on Monday, highlighted the role of various sectors in driving this growth. The services sector led the way with a growth of 3.79%, contributing 58.76% to the aggregate output.
The industrial sector also showed significant improvement, growing by 3.53%, a notable increase from the -1.94% recorded in the second quarter of 2023.
The agriculture sector, which has been underperforming in previous quarters, grew by 1.41%, reversing the -1.50% decline seen in Q2 2023.
Government Reacts to NBS Findings
Responding to the NBS report, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, expressed optimism about the country’s economic trajectory.
“This latest report affirms that the economy is on the right path and indeed on the path to recovery,” Onanuga stated.
He referred to President Tinubu’s August 4, 2024, national broadcast, where the President assured Nigerians that the economy was recovering.
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Onanuga added, “sooner than later, Nigerians will begin to feel, see, and enjoy the impact of his administration’s economic re-engineering efforts.”
The government is confident that the policies it has implemented will continue to yield positive results. “We want to reiterate that this government will continue to work diligently to rekindle Nigerians’ hope and confidence. President Tinubu is committed to building a solid and resilient economy,” Onanuga said.
Crude Production and GDP Share
The NBS report also highlighted an increase in crude oil production, which grew to 1.41 million barrels per day in Q2 2024, compared to 1.22 million barrels per day in the same period last year.
Onanuga emphasised the government’s expectations for further growth, stating, “With the policies we have put in place, we expect production to rise to about two million barrels very soon.”
The share of GDP contributed by the industrial and services sectors also increased in the second quarter of 2024 compared to the corresponding quarter of 2023.
Aggregate GDP at basic price stood at N60.93 trillion in nominal terms, up from N52.10 trillion in Q2 2023, indicating a 16.94% year-on-year nominal growth.
Continued Economic Reforms
Onanuga urged Nigerians to maintain their faith in the government’s reforms, despite criticisms. “President Tinubu urged Nigerians to continue their faith in the government and not allow themselves to be swayed by naysayers intent on undermining the current reforms for their selfish ends,” he remarked.
The government’s focus remains on ensuring that the ongoing reforms translate into tangible benefits for all Nigerians. The NBS report is seen as a clear indication that the economy is moving in the right direction, with key sectors showing signs of resilience and growth.
As the administration continues implementing its economic strategies, Onanuga assured that more positive results are expected in the coming quarters, driving further financial stability and growth across the country.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
