‘Economy on right trajectory’ — Tinubu reacts to GDP growth report

President Bola Tinubu says the report from the National Bureau of Statistics (NBS) on Nigeria’s gross domestic product (GDP) indicates that the economy is on the right trajectory.

NBS had earlier reported that the country’s GDP grew by 3.2 percent year on year in the second quarter (Q2) of 2024, higher than the 2.51 percent recorded in the same period of 2023.

According to a statement released on Monday by Bayo Onanuga, special adviser to the president on information and strategy, the report confirms that the economy is on the right path to recovery, following a previous report indicating declining food and headline inflation.

“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 said.

“We want to reiterate that this government will continue to work assiduously to rekindle Nigerians’ hope and confidence. President Tinubu is working to build a solid and resilient economy.”

Onanuga said Tinubu urged Nigerians to maintain their faith in the government and not be influenced by critics seeking to abort or undermine the ongoing reforms for their selfish ends.

With crude production rising to 1.41 million barrels per day, according to NBS, compared with 1.22 million barrels a year earlier, Tinubu said output will increase further.

“We are confident that with the policies we have put in place, we expect production to rise to about two million barrels very soon,” Tinubu said.  

NBS said the nominal GDP for Q2 2024 stood at N60.93 trillion while the real GDP was N18.29 trillion.