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Just IN : Tinubu hails GDP surge, assures of stronger economic performance, Says Onanuga
President Bola Ahmed Tinubu has welcomed the latest report by the National Bureau of Statistics (NBS) showing a 3.2% year-on-year growth in the country’s Gross Domestic Product (GDP) in the second quarter of 2024.
According to NBS, the real GDP grew by 3.2% year on year in Q2, higher than the 2.51% recorded in the same period of 2023.
This was contained in a statement issued on Monday, August 26, by the special adviser to the president on information and strategy, Bayo Onanuga.
“After another report on declining food and headline inflation, this latest report affirms that the economy is on the right trajectory and is indeed on the path to recovery.
“As the President said in his August 4, 2024, national broadcast, our economy is recovering. Sooner than later, Nigerians will begin to feel, see, and enjoy the impact of his administration’s economic re-engineering efforts.
“We want to reiterate that this government will continue to work assiduously to rekindle Nigerians’ hope and confidence. President Tinubu is working to build a solid and resilient economy.
President Tinubu urged Nigerians to retain their faith in the government and not allow themselves to be swayed by naysayers, intent on aborting and undermining the current reforms for their selfish ends.
According to the NBS report, the growth rate in Q2 is higher than the 2.51% recorded in Q2 2023 and higher than the 2.98% growth in Q1 2024.
The GDP’s performance in the second quarter of 2024 was driven by the service sector, which recorded a growth of 3.79% and contributed 58.76% to the aggregate output.
The agriculture sector grew by 1.41% in contrast to the 1.50% recorded in the second quarter of 2023. The industrial sector’s growth was 3.53%, up from the -1.94% recorded in the second quarter of 2023.
The NBS also reported that crude production grew to 1.41 million barrels per day, compared with 1.22 million barrels a year earlier.
“We are confident that with the policies we have put in place, we expected production to rise to about two million barrels very soon,” President Tinubu said.
In terms of share of the GDP, the industry and services sectors contributed more to the aggregate GDP in the second quarter of 2024 compared to the corresponding quarter of 2023.
“In the quarter under review, aggregate GDP at basic price stood at N60,930,000.58 million in nominal terms.
“This performance is higher than the second quarter of 2023, which recorded an aggregate GDP of N52,103,927.13 million, indicating a 16.94% year-on-year nominal growth”, the statement said.
The Awujale and paramount ruler of Ijebuland, Oba Sikiru Kayode Adetona, has passed away at the age of 91.
The respected monarch reportedly died on Sunday, just hours after the announcement of the death of his longtime friend and former President, Muhammadu Buhari.
Mourning his passage, a prince of Ijebu, Prince Adedoyin Alatishe wrote on X, “Baami Ogbagba agbatewole , Erin wo. Omo anikilaya saagbu.”
Adetona, who ascended the throne in 1960, was one of Nigeria’s longest-reigning traditional rulers and widely revered for his contributions to the sociopolitical development of Ijebuland and Ogun State at large.
Former president muhammadu Buhari has died at a hospital in London this afternoon according to the family, He was former military head of state in 1983.
The family of the former president has announced the passing on of the former president, Muhammadu Buhari, GCFR, this afternoon in a clinic in London. May Allah accept him in Aljannatul Firdaus, Amin.”
Detials later
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Breaking : Tinubu returns to Abuja tonight after diplomatic visits to Saint Lucia, Brazil,Says Onanuga
President Bola Ahmed Tinubu is expected to arrive Abuja later tonight following a two-nation diplomatic tour that took him to Saint Lucia in the Caribbean and Brazil in South America.
His return was confirmed in a message posted on Saturday afternoon by the Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga, on his verified X handle, @aonanuga1956.
“President Bola Ahmed Tinubu returns to Abuja today after his two-nation visit to Saint Lucia and Brazil,” the presidential aide stated.
The President departed Nigeria on Saturday, June 28 for what was described as a strategic outreach aimed at strengthening ties with regions historically under-engaged in Nigeria’s diplomatic matrix.
His first stop was Saint Lucia, where he made a historic visit to build new ties and explore emerging partnerships with Caribbean states.
While in Saint Lucia, Tinubu interacted with regional leaders under the Organisation of Eastern Caribbean States (OECS), reinforcing Nigeria’s growing interest in Caribbean diplomacy and South-South cooperation.
He subsequently proceeded to Brazil to participate in the 17th BRICS Summit held in Rio de Janeiro.
On the sidelines of the summit, President Tinubu held a bilateral meeting with his Brazilian counterpart, President Luiz Inácio Lula da Silva.
The leaders co-chaired the Nigeria-Brazil high-level bilateral meeting , where they discussed mechanisms to boost trade, infrastructure financing, and cultural cooperation between Africa’s most populous country and Latin America’s largest economy.
With the President’s return, focus is expected to shift to domestic engagements and follow-up actions on the diplomatic and investment commitments made during his foreign tour.
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