President Bola Tinubu has expressed delight over the latest report by the National Bureau of Statistics (NBS) on the growth of the nation’s economy.
NBS, in its Gross Domestic Product (GDP) report released on Monday said, the real GDP grew by 3.19% year-on-year in Q2, higher than the 2.51% recorded in the same period of 2023.
Tinubu, in a statement by his Special Adviser on Information and Strategy, Bayo Onanuga, said, “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”.
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 NBS report said, 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.
It said, 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.
