The Nigerian economy has rebounded with a robust growth rate of 2.99%, exceeding the 2.3% growth observed in Q1 of 2023.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun disclosed this while presenting his ministry’s progress report, marking one year under President Bola Tinubu’s administration in Abuja on May 28th.
Edun pointed out that the improvement in economic growth serves as evidence of the effectiveness of President Bola Tinubu’s economic policy.
Edun highlighted that agriculture, a pivotal sector, is experiencing modest growth, which is anticipated to contribute significantly to curbing inflation, particularly with a promising wet season harvest expected to stabilize food prices.
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.”
According to Edun, there have been notable improvements in revenue collection, allowing the government to meet its debt obligations without turning to the Central Bank’s Ways and Means advances. This approach, previously a point of concern for fiscal responsibility and inflation, has seen positive changes.
The finance minister underscored that these favorable economic indicators demonstrate the current administration’s dedication to sustainable economic growth and fiscal prudence.
The government intends to sustain this momentum to secure long-term economic stability and prosperity for all Nigerians.
