Chief Bola Ahmed Tinubu’s aide, Bayo Onanuga has expressed optimism about Nigeria’s economic trajectory following the latest report from the National Bureau of Statistics (NBS), which indicates that the country’s real Gross Domestic Product (GDP) grew by 3.2% in the second quarter of 2024, surpassing the 2.51% growth recorded in the same period last year.
In a statement, Onanuga, said that the report, alongside recent data on declining food and headline inflation, reaffirms the effectiveness of the economic policies implemented by Bola Tinubu’s administration.
He noted that the economy is on a recovery path, as highlighted by Tinubu in his national broadcast on August 4, 2024.
He stated, “this latest report affirms that the economy is on the right trajectory and is indeed on the path to recovery.
“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 reassured Nigerians that it would continue to work diligently to rebuild the economy, urging citizens to maintain their trust in the government’s efforts.
Onanuga emphasized that the administration remains committed to its economic reforms and expects further improvements in production levels, projecting a rise in crude output to about two million barrels per day in the near future.
The statement quoted the NBS report as sayings that “the growth rate in Q2 is higher than the 2.51% recorded in Q2 2023 and higher than the 2.98% growth in Q1 2024.
“The GDP’s performance in the second quarter of 2024 was driven by the service sector, which recorded a growth of 3.79% and contributed 58.76% to the aggregate output.
“The agriculture sector grew by 1.41% in contrast to the 1.50% recorded in the second quarter of 2023. The industrial sector’s growth was 3.53%, up from the -1.94% recorded in the second quarter of 2023.
“The NBS also reported that crude production grew to 1.41 million barrels per day, compared with 1.22 million barrels a year earlier.
“We are confident that with the policies we have put in place, we expected production to rise to about two million barrels very soon,” Onanuga added.
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