President Tinubu is optimistic following the National Bureau of Statistics’ latest report on the economy, which reveals a continued upward trend in the country’s Gross National Product (GDP).
The NBS reported that the real GDP saw a year-on-year increase of 3.2% in the second quarter, surpassing the 2.51% growth noted during the same period last year in 2023.
In light of recent findings indicating a drop in food and overall inflation, this report strengthens the notion that the economy is on a path of recovery and improvement.
As President Tinubu stated in his national address on August 4, 2024, “Our economy is bouncing back.” He assured Nigerians that the positive effects of his administration’s economic reforms will soon be felt and visible.
The President reiterated his commitment to restoring hope and confidence among Nigerians, emphasizing that his administration is dedicated to constructing a robust and sustainable economic framework.
He encouraged citizens to maintain their trust in the government and avoid being influenced by detractors who may wish to derail the ongoing reforms for personal gain.
The NBS report highlights that the Q2 growth rate of 3.2% exceeds both the 2.51% recorded in Q2 2023 and the 2.98% growth rate from Q1 2024.
The service sector played a pivotal role in this economic performance, achieving a growth rate of 3.79% and accounting for 58.76% of total output. Meanwhile, the agriculture sector saw a modest growth of 1.41%, slightly down from the 1.50% noted in Q2 2023. The industrial sector rebounded with a growth of 3.53%, a significant recovery from the -1.94% reported in the same quarter last year.
Additionally, the NBS indicated an increase in crude production, rising to 1.41 million barrels per day compared to 1.22 million barrels per day a year prior.
“We are optimistic that with the measures we have implemented, we anticipate production will reach nearly two million barrels per day shortly,” President Tinubu remarked.
In terms of GDP contributions, both the industrial and service sectors performed better in Q2 2024 compared to the same timeframe in 2023.
For the quarter in question, the aggregate GDP at basic price was recorded at N60,930,000.58 million in nominal terms, reflecting an increase from the N52,103,927.13 million reported in Q2 2023, which corresponds to a notable 16.94% year-on-year nominal growth.
