GDP growth: Tinubu assures stronger economic performance

…Says FG will continue to work assiduously to rekindle Nigerians’ hope and confidence

…Appoints new Directors-General of NIA, DSS

President Bola Tinubu has welcomed the latest report of the National Bureau of Statistics (NBS) on the state of the economy.

The report had indicated that the country’s Gross National Product (GDP) posted another growth.

According to NBS, the real GDP grew by 3.2 per cent year on year in Q2, higher than the 2.51 per cent recorded in the same period of 2023.

A statement by Mr Bayo Onanuga, Special Adviser to the President on Information and Strategy, said the latest report affirmed that the economy was on the right trajectory and, indeed, on the path to recovery.

“As the President said in his Aug. 4 national broadcast, our economy is recovering. Sooner than later, Nigerians will begin to feel, see, and enjoy the impact of his administration’s economic re-engineering efforts.

“We want to reiterate that this government will continue to work assiduously to rekindle Nigerians’ hope and confidence. President Tinubu is working to build a solid and resilient economy.

“President Tinubu wants Nigerians to retain their faith in the government and not allow themselves to be swayed by naysayers intent on aborting and undermining the current reforms for their selfish ends,” said Onanuga.

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According to the NBS report, the growth rate in Q2 is higher than the 2.5 per cent recorded in Q2 2023 and higher than the 2.98 per cent growth in Q1 2024.

The GDP’s performance in the second quarter of 2024 was driven by the service sector, which recorded a growth of 3.79 per cent and contributed 58.76 per cent to the aggregate output.

The agriculture sector grew by 1.41 per cent in contrast to the 1.50 per cent recorded in the second quarter of 2023.

The industrial sector’s growth was 3.53 per cent, up from the -1.94 per cent 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.

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.

“We are confident that with the policies we have put in place, we expect oil production to rise to about two million barrels very soon.

“In the quarter under review, aggregate GDP at basic price stood at N60,930,000.58 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 per cent year-on-year nominal growth,” Onanuga said.

In another development, President Bola Tinubu, on Monday, approved the appointment of new Directors-General of the National Intelligence Agency (NIA) and the Department of State Services (DSS).

Ambassador Mohammed Mohammed is the new Director-General of the NIA.

Mr. Adeola Oluwatosin Ajayi is the new Director-General of the DSS.

Ambassador Mohammed has had an illustrious career in the foreign service since joining the NIA in 1995. He had served in various roles, culminating in his promotion to the rank of Director and his subsequent appointment as the head of the Nigerian mission to Libya.

The 1990 graduate of Bayero University, Kano, had served in North Korea, Pakistan, Sudan, and at the State House, Abuja.

The new DSS Director-General, Mr. Adeola Ajayi, rose through the ranks to attain his current post of Assistant Director-General of the Service. He had, at various times, served as State Director in Bauchi, Enugu, Bayelsa, Rivers, and Kogi.

The new appointments follow the resignation of the previous NIA and DSS chiefs.

President Tinubu expects that the new security chiefs will work assiduously to reposition the two intelligence agencies for better results and charges them to bring their experience to bear in tackling the security challenges bedeviling the country through enhanced collaboration with sister agencies and in surgical alignment with the Office of the National Security Adviser (ONSA).

The President thanks the outgoing Directors-General of the two pivotal intelligence agencies for their services to the nation while wishing them success in their future endeavours.

Meanwhile, President Bola Tinubu has extended his condolences to the Governor of Borno State, Professor Babagana Zulum, over the passing of his Commissioner of Finance, Honourable Ahmed Ali Ahmed.

President Tinubu also condoled with the family of the late commissioner and described his passing as a huge and painful loss.

The President prayed for the repose of the soul of the deceased and comfort to his family at this difficult time.