The Federal Government of Nigeria has announced that the country’s nominal Gross Domestic Product (GDP) reached N60.93 trillion in the second quarter of 2024, marking a significant improvement in economic performance. This figure represents a 16.94% increase compared to the N52.103 trillion recorded during the same period in 2023.
The announcement was made by Lydia Jafiya, Permanent Secretary of the Federal Ministry of Finance, during a sensitization programme on the upcoming implementation of quarterly citizen and stakeholder engagements held at the ministry’s headquarters in Abuja on Thursday. The programme, according to Jafiya, marks a crucial step in enhancing the transparency and accountability of Nigeria’s financial policies and strategies.
Jafiya highlighted that several fiscal reforms initiated by the ministry have contributed to this economic growth. These reforms are aimed at boosting revenue generation, reducing leakages, and enforcing fiscal discipline. “These efforts have played a key role in improving Nigeria’s GDP,” she stated.
The statement from the Ministry of Finance, signed by Mohammed Manga, Director of Information and Public Relations, revealed that the growth in GDP was driven primarily by the services sector, which saw a 3.79% growth and accounted for 58.76% of the total GDP in the second quarter. The agriculture sector grew by 1.41%, a slight dip from the 1.50% growth recorded in Q2 2023, while the industrial sector witnessed a notable improvement, growing by 3.53% compared to a contraction of -1.94% during the same period last year.
In real terms, Nigeria’s GDP grew by 3.19% year-on-year in Q2 2024, surpassing the 2.51% growth seen in Q2 2023 and the 2.98% growth recorded in the first quarter of 2024. The federal government attributed this steady economic growth to strategic reforms and policies aimed at addressing inefficiencies and ensuring that resources are allocated effectively.
“The performance of the GDP in the second quarter of 2024 was driven mainly by the services sector,” the report stated, noting that the aggregate GDP at basic prices stood at N60.93 trillion in nominal terms. This performance, according to Jafiya, signals a stronger economic outlook despite ongoing global challenges.
Jafiya emphasized the federal government’s ongoing commitment to accelerating economic growth through collaboration with key stakeholders. She underscored the importance of transparency, accountability, and inclusive dialogue in shaping Nigeria’s economic policies and ensuring that the benefits of growth reach all segments of the population.
In line with this, the introduction of a Quarterly Citizens and Stakeholders Engagement initiative by the Central Delivery Coordination Unit is set to enhance communication between the government and the public. This platform aims to improve transparency in the management of the country’s finances and economic strategies, ensuring that citizens are informed and engaged in government performance, particularly in delivering on President Bola Tinubu’s eight priorities.
The sensitization programme is expected to foster greater public awareness of government efforts in driving Nigeria’s economic transformation while promoting active dialogue between citizens and policymakers.
