Nigeria’s Economy Shows Resilience in Second Half of 2024
By Patience Ikpeme
The Federal Government has announced that the Nigerian economy demonstrated notable improvement in the second half of 2024 compared to the same period in 2023. This positive development is attributed to a series of strategic policies and reforms implemented by the current administration.
Speaking at a sensitization programme on the upcoming implementation of Quarterly Citizens and Stakeholders Engagement in Abuja, the Permanent Secretary of the Federal Ministry of Finance, Mrs. Lydia Shehu Jafiya, highlighted the significant growth in Gross Domestic Product (GDP) during the second quarter of 2024.
“Despite the challenging economic landscape, the Nigerian economy experienced a robust growth rate of 3.19 percent (year-on-year) in real terms during the second quarter of 2024,” Mrs. Jafiya stated. This marked a substantial increase from the 2.51 percent recorded in the same period of 2023 and the 2.98 percent growth achieved in the first quarter of 2024.
The services sector emerged as the primary driver of this economic expansion, contributing 58.76 percent to the aggregate GDP with a growth rate of 3.79 percent. The agriculture sector also showed positive growth, albeit at a slightly lower rate of 1.41 percent compared to the previous year.
The industry sector witnessed a significant turnaround, expanding by 3.53 percent after experiencing a decline of -1.94 percent in the second quarter of 2023. In terms of share of the GDP, both the industry and services sectors contributed more to the overall economic output in the second quarter of 2024 compared to the corresponding period of 2023.
Mrs. Jafiya further emphasized the positive impact of the government’s economic reforms on the nation’s GDP. “The successful implementation of these reforms has led to a significant increase in the Gross Domestic Product (GDP) of our country,” she said. “While there is still more to be done, we are confident that the policies and strategies we have put in place will address Nigeria’s current socioeconomic challenges and transform our economy.”
The Permanent Secretary highlighted the importance of citizen engagement in the economic development process. She emphasized that the government is committed to fostering open communication and transparency through the Quarterly Citizens and Stakeholders Engagement initiative. This platform will provide an opportunity for citizens to contribute their insights and feedback to government policies, ensuring that they are aligned with the needs and aspirations of the people.
Mrs. Jafiya acknowledged the role of the private sector in driving economic growth and called for their active participation in the engagement process. She also emphasized the importance of the media in disseminating information accurately and promoting transparency.
The Federal Government’s announcement of improved economic performance in the second half of 2024 is a positive indicator of Nigeria’s progress. The government’s commitment to citizen engagement and the implementation of effective economic policies are key factors in achieving sustainable development and economic prosperity.
