Tinubu hails NBS report on Nigeria's GDP growth, economy

President Tinubu on Monday, hailed the report of the National Bureau of Statistics on the state of the economy, as the country’s Gross National Product (GDP) posted another growth.

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

After another report on declining food and headline inflation, the latest report affirmed that the economy is on the right trajectory and is indeed on the path to recovery, according to a statement made available to newsmen by Special Adviser to the President on Information and Strategy, Bayo Onanuga.

“As the President said in his August 4, 2024 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,” Onanuga said.

“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.”

The presidential aide quoted President Tinubu as urging 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.

According to the NBS report, 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.

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,” 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.