Nigeria’s nominal Gross Domestic Product (GDP) has hit N60.930 trillion in the second quarter (Q2) of 2024. GDP represents the total monetary value of goods produced and services rendered within a specific period in a country.
This was revealed by the Permanent Secretary of the Federal Ministry of Finance, Mrs. Lydia Jafiya, who noted that this figure represents a 16.94% improvement compared to the N52.103 trillion recorded in the second quarter of the previous year. Mrs. Jafiya, represented by the Ministry’s Director, Economic Research and Policy Management (ERPM), Mrs. Grace Ogbonna, disclosed this at a stakeholders’ meeting in Abuja.
The Q2 GDP growth was driven mainly by the services sector, which recorded a 3.79% growth and contributed 58.76% to the aggregate GDP. The agriculture sector grew by 1.41% from 1.50% recorded in the second quarter of 2023, while the industry sector grew by 3.53%, an improvement from -1.94% recorded in the second quarter of 2023.
Mrs. Jafiya emphasized the federal government’s commitment to accelerating the nation’s economic growth through collaboration with stakeholders. She 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 (CDCU) 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.
Mrs. Jafiya noted that stakeholder engagement is crucial for achieving sustainable economic growth and inclusive development. Since the beginning of this administration, the Federal Ministry of Finance has spearheaded reforms aimed at improving revenue generation, reducing leakages, and ensuring fiscal discipline.
These reforms have led to improvements in Nigeria’s GDP. Despite challenging economic outlook, economic growth strengthened in Q2 2024, with GDP growth by 3.19% (year-on-year) in real terms, higher than the 2.51% recorded in Q2 2023 and 2.98% in Q1 2024.
