By Abiola Olawale
The Federal government has revealed that Nigeria’s economy has shown significant growth in the first quarter of 2024.
In a commendable development, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, revealed that the economy recorded a 2.99% increase in the first quarter of 2024, surpassing the 2.3% growth rate of the same period in the previous year
The minister made this known on Monday, May 27, during his presentation at the performance review marking the first year of President Bola Tinubu’s administration.
According to Edun, the significant improvement shows the effectiveness of the economic strategies deployed by Tinubu’s administration.
Edun also pointed out that agriculture, a critical sector of the economy, is showing marginal growth, adding that the sector’s progress is pivotal in combating inflation, especially through a favourable wet season harvest that should stabilise food prices.
He added that by managing the food price index effectively, the government aims to alleviate one of the major pressure points on inflation.
He said: “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 finance minister emphasised that these positive economic indicators reflect the current administration’s commitment to sustainable economic growth and fiscal responsibility, adding that the government plans to maintain this momentum, to ensure long-term economic stability and prosperity for all Nigerians.
