The Bola Tinubu-led administration says Nigeria’s economy has shown significant growth, recording a 2.99% increase in the first quarter of 2024, surpassing the 2.3% growth rate of the same period in the previous year.
This was disclosed by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, during a performance review marking the first year of President Bola Tinubu’s administration on Tuesday, May 27.
Edun stated that growth demonstrates the effectiveness of President Tinubu’s economic policies.
He noted that the agricultural sector, a cornerstone of the Nigerian economy, is experiencing marginal growth which is expected to play a pivotal role in combating inflation.
According to him, the favourable wet season harvest is anticipated to stabilize food prices, thereby alleviating one of the major pressure points on inflation.
“This growth in agriculture provides the monetary authority with the leverage needed to stabilize foreign exchange (FX) rates,” Edun explained.
“By continuing on this path and intensifying our efforts, we are on track to lift many Nigerians out of poverty,” he added.
Edun also made reference to significant improvements in revenue collection, which have allowed the government to service its debts without relying on the Central Bank’s Ways and Means advances—a practice that has previously raised concerns about fiscal discipline and inflation.
