The latest Gross Domestic Product (GDP) figure released by the National Bureau of Statistics (NBS) is an affirmation of the efficacy of the economic policies of Nigeria.
The Tinubu Media Support Group (TMSG) has described President Bola Tinubu’s economic reforms as positive.
In a statement signed by its Chairman, Emeka Nwankpa and Secretary, Dapo Okubanjo, the group said that the improvement in the GDP coincided with the first slow down in headfood inflation in nearly two years.
TMSG said: “Like many Nigerians who were eagerly awaiting the latest Gross Domestic Products (GDP) figure, we see the number for the second quarter of 2024 as a sign of improvement in the economy.
“For us, it is a reflection of our belief in the capacity of President Tinubu and his economic team to weather the storm of the initial hiccups of the administration’s reforms and reverse it in due course.
“After the country had recorded its first deceleration in inflation rate in 19 months, we were upbeat that the worst was over, and of course, the latest NBS report has made it more obvious. Indeed, there had been muted signs of improvement since January 2024 when the country began to record a month-on-month slow down in inflation rate.
“But with GDP figure of Q2 2024 showing a better year-on-year growth of 3.19% than the 2.51% figure of the same period in 2023, we dare say that the economy is moving in the right direction on the watch of President Tinubu.
“What we find interesting but not surprising is the fact that the GDP growth was fueled largely by the good performance of the Services sector which recorded a growth of 3.79% and contributed 58.76% to the aggregate GDP as well as the Industry sector which grew 3.53%, a massive improvement from -1.94 % in the second quarter of 2023.
“These are pointers impacting the sector specific initiatives of the Tinubu administration. Here, we can point to government efforts in supporting large businesses as well as the MSMEs. The service sector also includes some of the areas the government is paying close attention to in terms of support with grants and loans.
For us, all these are in line with the administration’s resolve to wean the economy off oil and transform the Nigerian economy more comprehensively. It is, therefore, not surprising that that in real terms, non-oil sector contributed 94.30% to the economy, higher than 93.62 % in the preceding quarter.
“And for those cynically wondering how GDP growth will ‘translate to food on the table” of Nigerians, we are of the opinion that true patriots should recognise this positive development as the begining of good things to come and as the trend continues, the impact will be felt by all. This is because a growing GDP is a clear indicator of the general health of an economy.
“So we make bold to say that an increase in year-on-year GDP is a sure sign that the economy is doing well and hn about short term pain and long term economic benefits.”
The group urged Nigerians to keep faith with the President Tinubu administration as it strives to reposition the economy.