President Bola Tinubu has welcomed the National Bureau of Statistics’ (NBS) latest report showing that Nigeria’s GDP grew by 3.2% year-on-year in Q2 2024, an improvement from 2.51% in Q2 2023.
This growth follows a decline in food and headline inflation, confirming that the economy is on a path to recovery.
The President reiterated his administration’s commitment to building a strong, resilient economy and urged Nigerians to maintain their faith in the government’s reforms.
According to the NBS report, 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.
