Nigerian Economy Records 2.99% Growth in Q1 2024 under Tinubu Administration
Abuja, May 27 – Nigeria’s economy has shown notable growth in the first quarter of 2024, with a 2.99% increase, surpassing the 2.3% growth rate recorded in the same period last year.
This was revealed 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.
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Minister Edun attributed this growth to the effectiveness of President Tinubu’s economic policies. He highlighted that the agricultural sector, a critical component of Nigeria’s economy, is experiencing marginal growth.
This growth is expected to play a crucial role in combating inflation, particularly with a favorable wet season harvest anticipated to stabilize food prices.
“This growth in agriculture provides the monetary authority with the leverage needed to stabilize foreign exchange (FX) rates,” Edun stated. “By continuing on this path and intensifying our efforts, we are on track to lift many Nigerians out of poverty.”
Furthermore, Edun noted significant improvements in revenue collection, which have enabled the government to service its debts without relying on the Central Bank’s Ways and Means advances. This marks a shift towards better fiscal discipline and reduced inflationary pressures.
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