President Tinubu Welcomes Reports Of Growth In GDP, Assures Of Stronger Microeconomic Performance

The report also shows growth in agriculture, manufacturing, the oil and gas sector, and the service sector, which now dominates the economy in terms of contribution to aggregate GDP.

In nominal terms, the country’s aggregate GDP in the second quarter stood at N119.27 trillion, up by 18.43 per cent from N100.7 trillion recorded at the same time last year.

President Tinubu said the report could not have come at a better time, as the opposition has been trying to diminish his administration’s efforts since May 2023 and even promising to reverse the policies if, perchance, Nigerians voted for them.

“In the past three years, we tried to do the hard part by implementing the necessary reforms to stabilise the economy. Now the economy is stabilised, and we have laid the foundation for a prosperous nation. We didn’t do the reforms to create challenges, but to ensure prosperity reaches all our people.

“The results of the efforts are becoming very clear to all: The Renewed Hope Agenda is working. Because of those tough decisions, today Nigeria has trade surpluses. Our foreign reserves are at their highest in 17 years. Our credit rating has moved up several notches. We are building roads, railways and superhighways that will last for a long time. Investors who left are returning. Oil and gas production is increasing. And in our universities – for the first time in a long time – there are no strikes. Our children are in class. And through NELFUND, student loans are putting education within reach, and affordable credit is going to our civil servants through Creditcorp.

“In the next few weeks, we are addressing some of the challenges being faced by our vulnerable population by providing cheaper means of transport, ramping up food production and implementing various relief programmes that will touch lives at the grassroots”.

“Under our watch, the economy is on the irreversible path to experience even more growth that all homes will feel at the dining table and in their pockets. We are not resting on our oars. We are fully committed to translating consistent, stronger economic performance into better microeconomic outcomes for our citizens. We must stay vigilant by ensuring the sustainable progress we are recording remains irreversible”, President Tinubu stated.