Nigerian economy grows by 2.99 percent surpassing first quarter – Edun

By Matthew Denis

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said that the Nigerian economy was experiencing a positive growth rate of 2.99 per cent, surpassing the 2.3 per cent growth seen in the first quarter of 2024.

Edun made this disclosure during the presentation of his ministry’s performance, one year into the administration of President Bola Tinubu in Abuja on Tuesday, May 27.

According to him, the improvement in economic growth highlights the effectiveness of President Bola Tinubu’s economic strategy.

“This growth in agriculture provides the monetary authority with the leverage needed to stabilize foreign exchange (FX) rates,” Edun explained. “By continuing on this path and intensifying our efforts, we are on track to lift many Nigerians out of poverty,” He said.

The minister, who said that revenue collection had also seen significant improvements, added that it has enabled the government to service its debts without resorting to the Central Bank’s Ways and Means advances, a practice that has previously been a cause for concern regarding fiscal discipline and inflation.

The finance minister emphasized that these positive economic indicators reflect the current administration’s commitment to sustainable economic growth and fiscal responsibility.