The Federal Government has announced a significant 30% growth in Nigeria’s financial sector during the first half of 2024. Minister of Finance Wale Edun, represented by Dr Armstrong Takang, highlighted this growth at the 17th Annual Banking and Finance Conference in Abuja.
Edun noted that this growth indicates a strong recovery from the contractions observed in 2021, contributing to Nigeria’s economic stability. He emphasized the sector’s vital role in driving economic growth and highlighted Nigeria’s GDP improvement, with growth rising from 3% to 3.2% in the second quarter of 2024.
The minister also acknowledged sector-specific developments, including 10% growth in oil and gas, and steady 2.8% growth in the non-oil sector. He addressed challenges faced by the economy, including slower growth in transportation, wholesale, retail trade, and manufacturing, and outlined measures to support these industries.
Vice President Kashim Shettima, representing President Bola Tinubu, commended the Chartered Institute of Bankers of Nigeria for its commitment to advancing Nigeria’s financial landscape. He emphasized the importance of collaboration between the government and the banking sector in fostering financial inclusion, supporting investments, and ensuring sustainable development.
Edun also highlighted 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.
