The recent statement by the Federal Government highlighted a significant growth of over 30% in Nigeria’s financial sector during the first half of 2024. This growth is seen as a positive sign of recovery from the contractions experienced in the previous year, contributing to the country’s economic stability.
The Minister of Finance and Coordinating Minister of the Economy, represented by the Managing Director of Ministry of Finance Incorporated, emphasized the resilience of the financial sector and its crucial role in driving economic growth. Despite challenges in some sectors, the Nigerian economy has shown progress, with an improved Gross Domestic Product and hopes of reaching a 3.7% growth target by the end of the year.
Specifically, the oil and gas sector experienced a notable 10% growth in the second quarter of 2024, while the non-oil sector maintained a steady 2.8% growth rate. Efforts are being made to support sectors like transportation, wholesale, retail trade, and manufacturing, including measures to increase the supply of Premium Motor Spirit and procure biofuel buses and CNG conversion kits.
The Vice President of Nigeria, speaking on behalf of the President, highlighted the importance of collaboration between the government and the banking sector. He commended the Chartered Institute of Bankers of Nigeria for its commitment to advancing the country’s financial landscape and supporting economic rebuilding efforts.
Overall, the Nigerian economy is on the path to recovery, with GDP growth recorded at 18.19% in the second quarter of 2024. The government’s progress in revenue generation was also noted, with federal government revenue for the first half of 2024 more than double that of the same period in 2023, reflecting successful revenue collection reforms and the effective use of technology.