The Federal Government has announced that Nigeria’s financial sector expanded by more than 30 percent in the first half of 2024 and this growth indicated a strong recovery from the contractions observed in the year 2021 contributing to Nigeria’s economic stability.
Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy stated that Nigeria’s economy has shown progress despite the hurdles in some sectors, he noted that the Gross Domestic Product (GDP) had improved in the first quarter of the year from 3 percent to 3.2 percent and in the second quarter with the goal of reaching 3.7 percent by the end of the year.
He pointed out that in the second quarter, the oil and gas experienced a notable 10 percent growth and a significant recovery from the contraction observed in the same period last year meanwhile the non-oil sector continued to exhibit stable performance with a consistent growth rate of 2.8 percent.
As indicated by Wale, Nigeria’s economy is grappling with difficulties including slower growth in transportation, wholesale, retail trade & manufacturing. To address these challenges, measures have been put in place to support these industries, such as increasing the supply of Premium Motor Spirit by 25 million liters starting September and investing in biofuel buses and CNG conversion kits.
Edun underscored the administration’s progress in revenue generation, noting that federal government revenue for the first half of 2024 reached N9.1 trillion, more than double the amount for the same period in 2023.
Vice President Kashim Shettima, representing President Bola Tinubu, applauded the Chartered Institute of Bankers of Nigeria for its dedication to enhancing Nigeria’s financial sector. He further stressed the crucial role of collaboration between the government and the banking industry in promoting financial inclusion, supporting investments, and achieving sustainable development.
