The Nigerian economy has achieved a commendable growth rate of 2.99 percent, surpassing the 2.3 percent growth recorded in the first quarter of 2023.
This positive development was announced by Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, during a recent presentation of his ministry’s performance marking one year of President Bola Tinubu’s administration in Abuja.
He highlighted that this economic improvement underscores the effectiveness of President Tinubu’s economic strategies. He noted that the agriculture sector, a cornerstone of the Nigerian economy, is showing marginal yet promising growth. This sector’s progress is crucial in the fight against inflation, as a favourable wet season harvest is expected to stabilise food prices. By effectively managing the food price index, the government aims to mitigate one of the primary inflationary pressures.
“This growth in agriculture provides the monetary authority with the leverage needed to stabilise foreign exchange (FX) rates. By continuing on this path and intensifying our efforts, we are on track to lift many Nigerians out of poverty,” Mr. Edun explained.
The finance minister also reported significant improvements in revenue collection. This enhanced revenue generation has enabled the government to service its debts without relying on the Central Bank of Nigeria’s Ways and Means advances—a practice that has previously raised concerns about fiscal discipline and inflation.
Mr. Edun stressed that these positive economic indicators reflect the current administration’s commitment to sustainable economic growth and fiscal responsibility. The government is determined to maintain this momentum to ensure long-term economic stability and prosperity for all Nigerians.
