• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Tuesday, June 3, 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

CUPP goofs over President Tinubu’s 2027 endorsement by governors

Senate’s stance on Nigeria’s Legislature-Executive Relationship, thrilling

Tinubu explains mission as he marks second year in office

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

President Tinubu outlines new economic, monetary, foreign policies
Economy/Technology

CUPP goofs over President Tinubu’s 2027 endorsement by governors

June 2, 2025
Senate probes $3.5b with NNPC
Economy/Technology

Senate’s stance on Nigeria’s Legislature-Executive Relationship, thrilling

May 30, 2025
Nigerians to own brand new vehicles, goods through new credit scheme initiative
Economy/Technology

Tinubu explains mission as he marks second year in office

May 29, 2025
Chevron, NNPC secure $1.4bn for drilling project
Economy/Technology

Increasing oil rigs, a big score for Nigeria’s petroleum sector reforms

May 26, 2025
Group hails Presidential Council initiative, welcomes President Tinubu’s N2tn stabilisation package
Economy/Technology

Pope’s invitation to Tinubu reflects Nigeria’s relevance in global affairs -TMSG

May 24, 2025
Tinubu steering Nigeria away from Venezuela-like tragedy – IMPI
Economy/Technology

Tinubu espouses Nigeria’s unity, diversity at Pope Leo’s inauguration

May 22, 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

Swiss Bank expects profit of $50bn

U.S. forecasts $100bn revenue for Nigeria’s creative industry

November 7, 2023
Nigeria gets AfDB’s $14m as member of ATI

AfDB, Enugu state in partnership to drive investment, infrastructure

January 27, 2024
Nigeria regains top crude oil production spot in Africa

Commission set to close 2020 marginal field bid

December 28, 2021

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

  • CUPP goofs over President Tinubu’s 2027 endorsement by governors
  • Senate’s stance on Nigeria’s Legislature-Executive Relationship, thrilling
  • Tinubu explains mission as he marks second year in office

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