At the 17th Annual Banking and Finance Conference held in Abuja, the Federal Government reported a significant growth in Nigeria’s financial sector. According to Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, the sector grew by over 30 percent in the first half of 2024. Edun, represented by Dr. Armstrong Takang, Managing Director of Ministry of Finance Incorporated, emphasized the sector’s resilience, noting that it had rebounded strongly from the contractions observed in 2021.
“The financial sector continues to demonstrate resilience, rebounding strongly from the contractions observed in 2021. The sector has grown by over 30 percent during the first half of this year, further bolstering our overall economic stability,” Edun stated.
He also highlighted the broader economic context, mentioning that Nigeria’s Gross Domestic Product (GDP) rose from 3 percent in the first quarter to 3.2 percent in the second quarter of 2024. The government aims for a 3.7 percent growth target by the end of the year. “Our commitment to continue reforms aims to achieve a 3.7 percent growth target by year-end,” he said.
Edun praised specific sectors, notably oil and gas, which saw a 10 percent increase in the second quarter, rebounding from previous contractions. “The oil and gas sector saw a notable increase of 10 percent during the second quarter and a significant rebound from the contraction experienced in the same period last year,” he noted. The non-oil sector, meanwhile, maintained a steady 2.8 percent growth rate.
Addressing challenges faced by the economy, Edun pointed out slower growth in sectors like transportation, wholesale, retail trade, and manufacturing. To support these industries, the government plans to enhance the supply of Premium Motor Spirit and introduce biofuel buses and CNG conversion kits.
The Vice President of Nigeria, Kashim Shettima, who represented President Bola Tinubu at the event, praised the Chartered Institute of Bankers of Nigeria for its role in advancing the financial landscape. He emphasized the importance of collaboration and commended efforts to support the economy’s recovery. “Nigeria’s economic story is one of resilience, determination, and gradual recovery. Despite global challenges, including inflationary pressures and geopolitical tensions, our nation continues to push forward,” Shettima said.
Further, Edun highlighted the administration’s progress in revenue generation, with federal government revenue reaching N9.1 trillion in the first half of 2024—more than double the figure from the same period in 2023. “Aggregate federal government revenue for the first half of 2024 reached N9.1 trillion, more than double that of the same period in 2023. This substantial increase reflects the success of our revenue collection reforms and effective use of technology,” Edun concluded.
