President Bola Tinubu has welcomed the latest report from the National Bureau of Statistics (NBS) showing Nigeria’s gross domestic product (GDP) grew by 3.2 percent year on year in the second quarter of 2024.
The growth rate surpasses the 2.51 percent recorded in the same period last year.
In a statement released on Monday, the presidency through Bayo Onanuga, special adviser to the president on information and strategy, described the NBS report as a confirmation of the economy’s recovery path.
The statement attributed the growth to the administration’s economic re-engineering efforts, which are expected to yield tangible benefits for Nigerians soon.
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“As the President said in his August 4, 2024 national broadcast, our economy is recovering. Sooner than later, Nigerians will begin to feel, see, and enjoy the impact of his administration’s economic re-engineering efforts,” the presidency said.
“We want to reiterate that this government will continue to work assiduously to rekindle Nigerians’ hope and confidence. President Tinubu is working to build a solid and resilient economy.”
According to the NBS report, crude production increased to 1.41 million barrels per day, up from 1.22 million barrels a year earlier. President Tinubu expressed optimism that output will rise further, targeting two million barrels per day with the current policies in place.
The NBS report also showed that nominal GDP stood at N60.93 trillion, while real GDP was N18.29 trillion. The presidency urged Nigerians to maintain faith in the government’s economic reforms, dismissing critics who seek to undermine the efforts for selfish reasons.
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