The Federal Government has reported that Nigeria’s nominal Gross Domestic Product reached N60.93 trillion in the second quarter of 2024, indicating notable improvements in the economy.
Additionally, it reaffirmed its commitment to implementing policies aimed at identifying inefficiencies and ensuring resources are allocated effectively.
This was disclosed by the Permanent Secretary of the Federal Ministry of Finance, Lydia Jafiya, said this at a sensitization programme on the forth-coming implementation of quarterly citizens and stakeholders engagement held at the ministry headquarters on Thursday in Abuja, according to The Punch.
Jafiya noted that the program represents a significant advancement in enhancing the transparency and accountability of financial policies and strategies.
She stated that the ministry has led various reforms to enhance revenue generation, reduce leakages, and ensure fiscal discipline, contributing to the improvement of the nation’s GDP.
She noted that the country recorded a nominal GDP of N60.93 trillion, reflecting a 16.94 percent increase compared to the N52.103 trillion reported in the same quarter of the previous year.
A statement by the Director of Information and Public Relations, Mohammed Manga, explained that the Q2 GDP growth was driven mainly by the services sector, which recorded a 3.79 per cent growth and contributed 58.76 per cent to the aggregate GDP.
The agriculture sector grew by 1.41 percent, down from 1.50 percent in the second quarter of 2023, while the industry sector experienced significant growth of 3.53 percent, up from -1.94 percent in the same period last year.
The statement read, “It is pertinent to note that despite the challenging economic outlook, economic growth strengthened in the second quarter of 2024, with GDP growth by 3.19 per cent (year-on-year) in real terms.
“This growth rate is higher than the 2.51 per cent recorded in the second quarter of 2023 and higher than the first quarter of 2024 growth of 2.98 per cent. The performance of the GDP in the second quarter of 2024 was driven mainly by the services sector, which recorded a growth of 3.79 per cent and contributed 58.76 per cent to the aggregate GDP. The agriculture sector grew by 1.41 per cent, from the growth of 1.50 per cent recorded in the second quarter of 2023.
“The growth of the industry sector was 3.53 per cent is an improvement from -1.94 per cent recorded in the second quarter of 2023. 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 second quarter of 2024, aggregate GDP at the basic price stood at N60,930,000.58 million in nominal terms.”She further informed that, “This performance is higher when compared to the second quarter of 2023, which recorded aggregate GDP of N52.1tn indicating a year-on-year nominal growth of 16.94 per cent.”
Jafiya highlighted the federal government’s commitment to accelerating economic growth through collaboration with stakeholders. She emphasized the importance of transparency, accountability, and inclusive dialogue in managing the nation’s finances and economic policies.
The Central Delivery Coordination Unit had introduced Quarterly Citizens and Stakeholders Engagement to improve communication between the government and its citizens.
This initiative represents a significant advancement in enhancing transparency and accountability in financial policies and economic strategies.
