Nigeria’s financial sector grew by more than 30% in the first half of 2024, signaling strong economic recovery from contractions in 2021.
Wale Edun, Minister of Finance, highlighted this achievement at the 17th Annual Banking and Finance Conference in Abuja, stating that the growth has contributed significantly to the country’s economic stability.
Nigeria’s GDP also improved, rising from 3% in Q1 to 3.2% in Q2 of 2024, with a target of 3.7% by year-end.
The oil and gas sector grew by 10% in Q2, rebounding from previous contractions, while the non-oil sector maintained steady growth at 2.8%.
Despite challenges in transportation, retail, and manufacturing, the government is implementing measures to support these industries, including plans to boost the supply of Premium Motor Spirit and introduce biofuel buses and CNG conversion kits.
Vice President Kashim Shettima emphasized the importance of collaboration between the banking sector and the government, commending the Chartered Institute of Bankers of Nigeria for its role in advancing the financial landscape.
Edun also noted that federal revenue doubled in 2024, reaching N9.1 trillion in the first half, thanks to successful reforms and technology-driven revenue collection.