• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Wednesday, August 6, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

Improved GDP figure, positive indicator of success of Tinubunomics

GDP

The Matters Press by The Matters Press
August 29, 2024
Reading Time: 2 mins read
0
Nigeria to rebase CPI, GDP

The Tinubu Media Support Group (TMSG) has described the latest Gross Domestic Product (GDP) figure released by the National Bureau of Statistics (NBS) as an affirmation of the efficacy of the economic policies of the President Bola Tinubu administration.

RELATED POSTS

National Single Window initiative, a major step for efficient cross-border trade – TMSG

‎Group celebrates 45% increase in federal revenue in just one month

Alleged Wasteful Turn Around Maintenance (TAM) of Refineries: Setting the records straight

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 we pin it down to the policy thrust of President Tinubu who had always been emphatic 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.

Tags: GDP
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Importers face delays, higher costs on Red Sea woes
Economy/Technology

National Single Window initiative, a major step for efficient cross-border trade – TMSG

August 4, 2025
Chatham House stance on Nigeria’s economy, a non-biased assessment of  reforms
Economy/Technology

‎Group celebrates 45% increase in federal revenue in just one month

July 28, 2025
POLICY STATEMENT 027 BY THE INDEPENDENT MEDIA AND POLICY INITIATIVE (IMPI)
Economy/Technology

Alleged Wasteful Turn Around Maintenance (TAM) of Refineries: Setting the records straight

July 25, 2025
Dangote Fertilizer in gas supply deal
Economy/Technology

IMPI seeks forensic audit of refineries from 2000 to 2023 ‎ ‎

July 25, 2025
Nigeria’s Dangote refinery will cut Africa’s petrol import by 36%
Economy/Technology

‎ADC erred, APC administrations never spent $18bn on refineries-IMPI ‎

July 25, 2025
Nigerian firms to handle $4b gas project
Economy/Technology

ADC’s claim on refinery sale, horrendous half truth

July 23, 2025
Next Post
Africa’s remittance inflows hit $72b

Non-oil exports record 6.26% growth, generates $2.7bn - NEPC

U.S. bans export of smartphones valued at more than $300 to Russia, Belarus

NIN-SIM linkage final deadline

Recommended Stories

NBS reports increase in Inflation

Surging inflation, COVID push nearly 68 million more into poverty

August 24, 2023
22 African nations in debt crisis

Nigeria’s public debt stock increases to N44.06trn– NBS

February 1, 2023
Free Trade Zones: Nigeria increases licence validity period

China to promote more FTZ reform measures nationwide

July 12, 2023

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • National Single Window initiative, a major step for efficient cross-border trade – TMSG
  • ‎Group celebrates 45% increase in federal revenue in just one month
  • Alleged Wasteful Turn Around Maintenance (TAM) of Refineries: Setting the records straight

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us