Nigeria’s economy is on the rise, with the nominal Gross Domestic Product (GDP) reaching an impressive N60.93 trillion in the second quarter of 2024.
This represents a significant 16.94% increase compared to the same period last year. The services sector is leading the charge, growing by 3.79% and contributing a whopping 58.76% to the country’s GDP. The agriculture sector also saw a 1.41% growth, while the industry sector bounced back with a 3.53% increase, reversing last year’s decline of -1.94%.
*Key Drivers of GDP Growth:*
– _Services Sector:_ 3.79% growth, contributing 58.76% to GDP
– _Agriculture Sector:_ 1.41% growth
– _Industry Sector:_ 3.53% growth, recovering from -1.94% last year
The government attributes this growth to its reforms aimed at improving revenue generation, reducing leakages, and ensuring fiscal discipline. Permanent Secretary of the Federal Ministry of Finance, Lydia Jafiya, emphasized the importance of transparency, accountability, and inclusive dialogue in managing the country’s finances and economic policies.
To boost transparency and accountability, the government is introducing Quarterly Citizens and Stakeholders Engagement. This initiative will enhance communication between the government and its citizens, ensuring that everyone is on the same page when it comes to economic policies and strategies.
Overall, Nigeria’s economic growth is gaining momentum, with the services sector taking the lead. With the government’s commitment to transparency and accountability, the future looks bright for the country’s economy.
