The Federal Government has revealed that Nigeria’s nominal Gross Domestic Product (GDP) surged to N60.93 trillion in the second quarter of 2024, marking a notable advancement in the country’s economic performance.
Additionally, the government reaffirmed its commitment to enforcing policies that pinpoint inefficiencies and ensure the proper allocation of resources to their intended uses.
This announcement was made by Lydia Jafiya, the Permanent Secretary of the Federal Ministry of Finance, during a sensitization program on the upcoming implementation of quarterly citizens and stakeholders’ engagement. The event took place on Thursday at the ministry’s headquarters in Abuja.
Jafiya highlighted that the initiative represents a critical step toward enhancing transparency and accountability in the management of financial policies and strategies.
She further emphasized that the ministry has led several reforms aimed at increasing revenue generation, minimizing financial leakages, and ensuring fiscal discipline, which has contributed to the improvement in the country’s GDP.
According to Jafiya, the nation recorded a nominal GDP of N60.93 trillion, reflecting a 16.94 percent rise compared to N52.103 trillion achieved during the second quarter of the previous year.
A statement by the Director of Information and Public Relations, Mohammed Manga, attributed the growth in Q2 primarily to the services sector, which expanded by 3.79 percent, contributing 58.76 percent to the overall GDP.
Additionally, the agriculture sector saw a slight increase of 1.41 percent, up from 1.50 percent in the second quarter of 2023. The industrial sector also rebounded, growing by 3.53 percent, a significant improvement from the negative 1.94 percent recorded during the same period last year.
