President Bola Tinubu on Monday welcomed the latest report from the National Bureau of Statistics (NBS) highlighting the continued growth of Nigeria’s Gross Domestic Product (GDP).
Tinubu, in a statement by his Special Adviser on Information and Strategy, Bayo Onanuga, praised the positive economic indicators, noting that they affirm the country’s economy is on a path to recovery.
This announcement coincided with the unveiling of the Accelerated Stabilisation and Advancement Plan (ASAP) by the Minister of Finance and Coordinating Minister of the Economy,
Wale Edun. The initiative, designed to revitalise key sectors of the economy, aims to address critical challenges affecting federal government reforms and stimulate sustainable development across eight priority sectors, including agriculture, energy, and health.
The NBS report revealed that Nigeria’s GDP grew by 3.19% year-on-year in real terms in the second quarter of 2024, compared to 2.51% in the same period in 2023. This growth is also an improvement over the 2.98% recorded in the first quarter of 2024. The services sector was the primary driver of this growth, expanding by 3.79% and contributing 58.76% to the aggregate GDP.
In nominal terms, the GDP at basic prices rose by 16.94% to ₦60.93 trillion, up from ₦52.10 trillion in Q2 2023. The real GDP for the quarter was ₦18.29 trillion. Agriculture, however, showed a slight decline, growing by 1.41% compared to 1.50% in Q2 2023, while the industry sector improved, growing by 3.53%, a recovery from a -1.94% contraction in Q2 2023.
The non-oil sector’s contribution to the economy was 94.30%, slightly higher than the previous quarter but slightly lower than Q2 2023. Growth in this sector was primarily driven by financial services, information and communication, agriculture, trade, and manufacturing. Meanwhile, the oil sector contributed 5.70% to GDP growth, with a year-on-year real growth of 10.15%, showing a significant recovery from a -13.43% contraction in the same quarter of 2023.
President Tinubu, responding to the report, expressed confidence in the administration’s economic policies, highlighting the recent decline in food and headline inflation as signs of economic stabilisation. “Our economy is recovering,” Tinubu said, urging Nigerians to remain hopeful and supportive of the government’s reform efforts.
Financial expert and Director of the Institute of Capital Market Studies at Nasarawa State University, Prof. Uche Uwaleke, praised the GDP growth but called for a reset of Nigeria’s “faulty economic structure.” Uwaleke emphasised the need for structural changes that prioritise productive sectors like industry and agriculture, rather than relying heavily on the services sector.
Meanwhile, Minister Wale Edun, at the inaugural meeting of the ASAP Implementation Committee in Abuja, emphasised the government’s commitment to addressing key economic challenges. The committee, comprising key government officials and technical experts, will work to establish clear milestones and ensure the effective execution of the ASAP.
As the committee moves forward, the government plans to launch a coordinated dry season farming initiative in collaboration with the Central Bank of Nigeria, the Federal Ministry of Agriculture and Food Security, and the African Development Bank. This initiative aims to enhance agricultural productivity by ensuring timely delivery of fertilizers and other essential inputs to farmers.
The ASAP Implementation Committee, under Edun’s chairmanship, is expected to drive progress across the identified priority areas, marking a new era of economic growth and development for Nigeria.
