The Federal Government has announced that Nigeria’s nominal Gross Domestic Product (GDP) reached N60.93 trillion in the second quarter of 2024, reflecting a substantial improvement in the nation’s economy. This positive development is attributed to various economic reforms implemented by the government.
Lydia Jafiya, the Permanent Secretary of the Federal Ministry of Finance, made the announcement during a sensitization program on the upcoming implementation of quarterly citizens and stakeholders engagement. She emphasized the government’s commitment to transparency, accountability, and inclusive dialogue in managing the country’s finances and economic policies.
The Ministry of Finance has spearheaded several reforms aimed at improving revenue generation, reducing leakages, and ensuring fiscal discipline. These efforts have contributed significantly to the nation’s economic growth.
According to the statement, the country recorded a nominal GDP of N60.93 trillion, representing a 16.94 percent increase compared to the N52.103 trillion recorded in the second quarter of the previous year.
The Q2 GDP growth was primarily driven by the services sector, which contributed 58.76 percent to the aggregate GDP and recorded a growth of 3.79 percent. The agriculture sector also experienced growth, albeit at a slower pace of 1.41 percent. The industry sector, however, showed significant improvement, growing by 3.53 percent.
In real terms, the GDP growth in the second quarter of 2024 was 3.19 percent, surpassing the 2.51 percent recorded in the same period of 2023. This positive trend indicates a strengthening economy.
The statement highlighted the increased contribution of the industry and services sectors to the aggregate GDP in the second quarter of 2024 compared to the previous year.
Mrs. Jafiya emphasized the federal government’s commitment to accelerating the nation’s economic growth through collaboration with stakeholders. She stressed the importance of transparency, accountability, and inclusive dialogue in managing the country’s finances and economic policies.
The introduction of Quarterly Citizens and Stakeholders Engagement by the Central Delivery Coordination Unit aims to enhance communication between the government and its citizens. This initiative marks a significant step toward improving transparency and accountability in financial policies and economic strategies.
The sensitization session on the implementation of stakeholders’ engagement by the Federal Ministry of Finance aimed to educate citizens’ groups on the ministry’s performance in delivering on the eight priorities of President Bola Tinubu.
