Nigeria’s nominal GDP hits N60.93tn in Q2 – Official --[Reported by Umva mag]

The Nigerian Government has announced that Nigeria’s nominal Gross Domestic Product (GDP) reached N60.93 trillion in the second quarter of 2024, reflecting significant improvements in the nation’s economy.

The Permanent Secretary of Nigeria’s Federal Ministry of Finance, Lydia Jafiya, stated that its commitment to implement policies to help identify inefficiencies and ensure that resources are directed toward their intended purposes.

Speaking at a sensitization programme on the forth-coming implementation of quarterly citizens and  stakeholders engagement held at the ministry headquarters on Thursday in Abuja, Jafiya noted that the programme marks a significant step towards improving the transparency and accountability of financial policies and strategies.

She said that the ministry had spearheaded several reforms aimed at improving revenue generation, reducing leakages, and ensuring fiscal discipline which has in turn improved the nation’s GDP.

According to her, the country recorded a nominal GDP of N60.93tn, which represents a 16.94 per cent improvement compared to the N52.103tn recorded in the second quarter of the previous year.

A statement by the Director of Information and Public Relations, Mohammed Manga, explained that the Q2 GDP growth was driven mainly by the services sector, which recorded a 3.79 per cent growth and contributed 58.76 per cent to the aggregate GDP.

The agriculture sector grew by 1.41 per cent from 1.50 per cent recorded in the second quarter of 2023, while the industry sector grew by 3.53 per cent, an improvement from -1.94 per cent recorded in the second quarter of 2023.

GIK/APA

The following news has been carefully analyzed, curated, and compiled by Umva Mag from a diverse range of people, sources, and reputable platforms. Our editorial team strives to ensure the accuracy and reliability of the information we provide. By combining insights from multiple perspectives, we aim to offer a well-rounded and comprehensive understanding of the events and stories that shape our world. Umva Mag values transparency, accountability, and journalistic integrity, ensuring that each piece of content is delivered with the utmost professionalism.