New GDP growth: Tinubu assures of stronger economic performance

President Bola Ahmed Tinubu has welcomed the latest report by the National Bureau of Statistics (NBS) on the state of the economy, assuring that policies put in place by his administration will soon ensure a stronger economic performance.

 According to NBS, the real GDP grew by 3.2% in Q2, higher than the 2.51% recorded in the same period of 2023.

Bayo Onanuga, Special Adviser to the President on Information and Strategy in a statement said after another report on declining food and headline inflation, “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.”

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 The president also reiterated that his administration will continue to work assiduously to rekindle Nigerians’ hope and confidence.

 He urged Nigerians to retain their faith in the government and not allow themselves to be swayed by naysayer’s intent in aborting and undermining the current reforms for their selfish ends.

The statement quoted the NBS report as saying 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,” President Tinubu said.