The Federal Government has announced that Nigeria’s economic performance in the second half of 2024 has surpassed that of the same period in 2023, signaling robust growth despite ongoing challenges. This update was shared by Mrs. Lydia Shehu Jafiya, Permanent Secretary of the Federal Ministry of Finance, during a sensitization programme on the forthcoming implementation of the Quarterly Citizens and Stakeholders Engagement.

Mrs. Jafiya revealed that Nigeria’s Gross Domestic Product (GDP) grew by 3.19% in the second quarter of 2024, compared to 2.51% in the same period in 2023. The growth was primarily driven by the services sector, which expanded by 3.79%, contributing 58.76% to the aggregate GDP. The industry sector also showed a marked improvement, growing by 3.53%, up from a decline of -1.94% in 2023.

The agriculture sector, however, recorded slower growth at 1.41%, down slightly from 1.50% the previous year. In nominal terms, Nigeria’s GDP for Q2 2024 was N60.93 trillion, representing a year-on-year increase of 16.94%.

Mrs. Jafiya emphasized that these positive economic trends reflect the government’s ongoing reforms, improved revenue generation, reduced leakages, and enhanced fiscal discipline. She also noted that the Ministry of Finance remains committed to economic revitalization through collaboration with various stakeholders.

In line with the government’s push for transparency and accountability, the Federal Government will soon launch the Quarterly Citizens and Stakeholders Engagement initiative, led by the Central Delivery Coordination Unit (CDCU). The program aims to improve communication between the government and the public on how tax revenues, national debt, and public funds are managed.

Mr. Uyi-Aivinhenyo Osagie, Delivery Manager at the CDCU, elaborated on the program’s objectives, emphasizing its focus on sustainable development and economic stability. Stakeholders from civil society, the private sector, and the media are encouraged to engage actively in policy monitoring and recommendations.

Representatives from civil society organizations also called for increased citizen participation in shaping policies that reflect the needs of all Nigerians. Mrs. Jafiya commended the leadership of Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, for steering the country through these reforms. She expressed optimism that with continued collaboration, the challenges ahead can be addressed effectively.