Barely a few hours after the National Bureau of Statistics (NBS) reported that Nigeria’s economy grew by 3.19% year-on-year in the second quarter of this, economists at the Centre for the Study of Economies of Africa (CSEA) have set new policy imperatives for the Federal Government for implementation in order to sustainably improve the performance of the economy in the years ahead.
The statistics agency had reported that the 3.19% GDP growth represented an improvement over the 2.51% recorded in Q2 of 2023.
The report showed that the oil sector significant grew, recording a real growth rate of 10.15%, compared to the negative growth of -13.43% in the same quarter of the previous year while the non-oil sector grew by 2.80% in real terms, thereby contributing 94.30% to the GDP.
Reacting to the positive performance of the economy in the quarter under review, the CSEA researchers, in the firm’s ‘Nigeria Economic Update Issue 33’ published on Wednesday, described the growth as a welcomed development requiring further measures to consolidate upon amid the current whirlwinds in the country’s landscape.
They advised: “While the overall statistics showed a positive growth trend in Q2 2024, particularly in the oil and service sectors like transportation continue to face difficulties, impacting their contribution to the overall economic performance.
“To keep the economy growing, the government should focus on improving infrastructure, especially in the transportation sector, to help it recover and contribute more to the GDP.
“Also, supporting key non-oil sectors like agriculture and services with better access to financing and encouraging innovation will help strengthen the economy for the long term”, the CSEA analysts stressed.
President Bola Tinubu had on Thursday his delight on the improved GDP growth and promised to sustain ongoing reforms by his administration to sustain the trend.
The President’s position on the economic performance was contained in a statement issued by his Special Adviser on Information and Strategy, Bayo Onanuga.
The spokesman, who quoted statistical data from the just published ‘Foreign Trade in Goods Statistics (Q2 2024)’ report by the statistics agency to express the President’s happiness on the merchandize trade trend, noted that Nigeria recorded another trade surplus in the second quarter of 2024, hitting N6.95 trillion, indicating a trade surplus of 6.60% and higher than the N6.52 trillion surplus recorded in the first quarter.
According to him, just days after the country recorded almost 100 percent oversubscription of its first $500 million domestic bond and half-year revenue of N9.1 trillion, the latest report underscores the increasing positive shifts in the economy over the last year.
President Tinubu expressed confidence in the sundry reforms his administration had been pursuing and believed they would create a more robust economy that will usher in a new era of prosperity for Nigerians.
