Nominal GDP Reaches N60.93tn in Q2, Says FG
The Federal Government has announced that Nigeria’s nominal Gross Domestic Product (GDP) reached N60.93tn in the second quarter of 2024, reflecting significant improvements in the nation’s economy.
It also stated its commitment to implement policies to help identify inefficiencies and ensure that resources are directed toward their intended purposes.
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.
She stated the programme marks a significant step towards improving the transparency and accountability of financial policies and strategies.
She said the ministry has spearheaded several reforms aimed at improving revenue generation, reducing leakages, and ensuring fiscal discipline which has in turn improved the nation’s GDP.
According to her, the country recorded a nominal GDP of N60.93tn, which represents a 16.94 per cent improvement compared to the N52.103tn recorded in the second 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 per cent from 1.50 per cent recorded in the second quarter of 2023, while the industry sector grew by 3.53 per cent, an improvement from -1.94 per cent recorded in the second quarter of 2023.
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.”
Mrs Jafiya emphasised the federal government’s commitment to accelerating the nation’s economic growth through collaboration with stakeholders and stressed the importance of transparency, accountability, and inclusive dialogue in managing the country’s finances and economic policies.
The introduction of Quarterly Citizens and Stakeholders Engagement by the Central Delivery Coordination Unit aims to enhance communication between the government and its citizens.
This initiative marks a significant step toward improving transparency and accountability in financial policies and economic strategies.
Earlier in his remarks, the Delivery Manager, Central Delivery Coordination Unit, Uyi-Aivinhenyo Osagie, said the sensitisation session on the implementation of stakeholders’ engagement by the Federal Ministry of Finance was aimed to enlighten citizens’ groups on the ministry’s performance in delivering on the eight priorities of President Bola Tinubu.
