The Nigerian economy is showing signs of growth with a Gross Domestic Product growth rate of 2.98 per cent in the first quarter of 2024, according to the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
The minister spoke at a ministerial press briefing held in Abuja on Tuesday.
This growth rate is higher than the population growth rate of 2.4 per cent and last year’s growth rate of 2.31 per cent.
“The economy is growing at 2.98 per cent for the first quarter of this year, which is higher than the population of 2.4 per cent. It is higher than last year’s 2.31 per cent.
“So, on balance, we can say that the President’s policy strategies and his programmes have turned the country in the right direction, upwards, growing,” Edun said.
The minister attributed the growth to the implementation of President Bola Tinubu’s reform programme, which according to him has restored stability to the economy.
He noted that the reforms have led to an increase in revenue, enabling the government to pay its debts and invest in infrastructure.
Edun added that the government has also implemented social investment programmes to protect the poor and vulnerable, with direct payments to N75m to 50m households.
Additionally, he said efforts were being made to improve food security, with 200bn Naira allocated to intervention programs.
He added that access to credit has also been improved, with N100bn allocated to consumer credit and grants of N50,000 being given to one million nano industries.
Edun added that the government has implemented a system of payment to ensure that Nigeria’s money is spent wisely and accountably.
The minister emphasised the importance of infrastructure in growing the economy and creating jobs.
He said that the fund has been set up to provide institutional long-term funds to support housing construction and low-interest mortgages for the average Nigerian.
“The government’s efforts have led to an improvement in Nigeria’s international credit rating, with Moody’s and Fitch increasing and improving Nigeria’s rates to positive,” he said.
The minister expressed optimism that continuing on this path will lead to a growing economy and improved living standards for Nigerians.
“We have room to feel that continuing on these paths, redoubling our efforts, following Mr President’s agenda, at the state level and federal level, will lead us to a growing economy that takes us out of poverty and produces a better life for Nigerians,” Edun stated.
