Abuja, May 28, 2024 – Nigeria’s economy is maintaining a positive growth rate of 2.99 percent.
Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, said the rate surpassed the 2.3 percent growth rate achieved in the first quarter of 2023.
He disclosed this in Abuja on Tuesday while speaking on his ministry’s performance during the first year of President Tinubu’s administration.
The minister attributed the improvement in the economic growth to the effectiveness of President Bola Tinubu’s economic strategy.
He said agriculture, a critical sector of the economy, was showing marginal growth.
Edun said the sector’s performance would play a significant role in combating inflation, especially through a favourable wet season harvest that should stabilize food prices.
“By managing the food price index effectively, the government aims to alleviate 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.
“By continuing on this path and intensifying our efforts, we are on track to lift many Nigerians out of poverty.”
The minister said revenue collection had also improved significantly.
He said the enhanced revenue generation enabled the government to service its debts without resorting to the Central Bank’s Ways and Means advances, a practice that has previously been a cause for concern regarding fiscal discipline and inflation.
Edun said these positive economic indicators reflected the current administration’s commitment to sustainable economic growth and fiscal responsibility.
He promised that government planned to maintain this momentum to ensure long-term economic stability and prosperity for all Nigerians. (GBN)
