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The Federal Government has said that Nigeria’s financial sector grew by over 30 per cent in the first half of 2024.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made the confirmation at the 17th Annual Banking and Finance Conference in Abuja on Tuesday.
The minister, represented by the Managing Director of Ministry of Finance Incorporated, Dr Armstrong Takang, noted that the growth indicated a strong recovery from the contractions observed in 2021, further contributing to Nigeria’s economic stability.
“The financial sector continues to demonstrate resilience, rebounding strongly from the contractions observed in 2021. The sector has grown by over 30 per cent during the first half of this year, further bolstering our overall economic stability,” Edun stated.
He also emphasised the sector’s vital role in driving economic growth.
In his speech, Edun highlighted that the Nigerian economy had shown promising signs of progress despite challenges in some sectors.
He pointed out that Nigeria’s Gross Domestic Product had improved, with growth rising from three per cent in the first quarter to 3.2 per cent in the second quarter of 2024, with hopes of reaching a 3.7 per cent target by the end of the year.
“Our commitment to continue reforms aims to achieve a 3.7 per cent growth target by year-end,” he said.
The minister recognised industry-specific advancements, particularly in oil and gas, which experienced a 10% increase during the second quarter of 2024.
"The oil and gas sector witnessed a remarkable 10% rise in the second quarter, a substantial recovery from the contraction observed in the same period last year," he stated.
Concurrently, the non-oil sector sustained a steady 2.8% growth rate.
Edun also addressed the economic challenges confronting Nigeria, noting that sectors such as transportation, wholesale, retail trade, and manufacturing had experienced slower growth.
He stated that the government was implementing various measures to support these industries, including plans to enhance the supply of Premium Motor Spirit by 25 million litres starting in September and procuring biofuel buses and CNG conversion kits.
Edun further noted the administration’s progress in revenue generation, with federal government revenue for the first half of 2024 reaching N9.1tn, more than double that of the same period in 2023.
"The total federal government's revenue for the first half of 2024 amounted to N9.1tn, more than twice the figure recorded during the same period in 2023. This significant increase is a testament to the success of our revenue collection reforms and the effective deployment of technology," the minister stated.
The Vice President of Nigeria, Kashim Shettima, who represented President Bola Tinubu at the event, also delivered a speech highlighting the importance of collaboration between the government and the banking sector.
He commended the Chartered Institute of Bankers of Nigeria for its continued commitment to advancing Nigeria’s financial landscape.
“The Chartered Institute of Bankers of Nigeria has over the years demonstrated its unrelenting commitment to advancing the dynamic and evolving landscape of our economy,” Shettima said.
He added that the institute played a crucial role in supporting the government’s efforts to rebuild the economy.
Shettima stressed that the Nigerian economy was on the path to recovery, with GDP growth recorded at 18.19 per cent in the second quarter of 2024.
He emphasised the importance of fostering financial inclusion, supporting investments, and ensuring sustainable development.
“Nigeria’s economic story is one of resilience, determination, and gradual recovery. Despite global challenges, including inflationary pressures and geopolitical tensions, our nation continues to push forward,” he said.
