President Bola Tinubu says the report from the National
Bureau of Statistics (NBS) on Nigeria‘s gross domestic product (GDP) indicates
that the economy is on the right trajectory.
NBS had earlier reported that the country’s GDP grew by 3.2
percent year on year in the second quarter (Q2) of 2024, higher than the 2.51
percent recorded in the same period of 2023.
According to a statement released on Monday by Bayo Onanuga,
special adviser to the president on information and strategy, the report
confirms that the economy is on the right path to recovery, following a
previous report indicating declining food and headline inflation.
“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.”
Onanuga said Tinubu urged Nigerians to maintain their faith
in the government and not be influenced by critics seeking to abort or
undermine the ongoing reforms for their selfish ends.
With crude production rising to 1.41 million barrels per
day, according to NBS, compared with 1.22 million barrels a year earlier,
Tinubu said output will increase further.
“We are confident
that with the policies we have put in place, we expect production to rise to
about two million barrels very soon,” Tinubu said.
NBS said the nominal GDP for Q2 2024 stood at N60.93
trillion while the real GDP was N18.29 trillion.
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