Nigeria’s Financial Sector Grows by Over 30% in First Half of 2024 – Minister of finance

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has announced that Nigeria’s financial sector grew by over 30% in the first half of 2024.

Represented by Dr. Armstrong Takang, Managing Director of Ministry of Finance Incorporated, 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.

“The financial sector continues to demonstrate resilience, rebounding strongly from the contractions observed in 2021. The sector has grown by over 30% during the first half of this year, further bolstering our overall economic stability,” Edun stated.

He emphasized the sector’s vital role in driving economic growth and highlighted Nigeria’s Gross Domestic Product improvement, with growth rising from 3% in the first quarter to 3.2% in the second quarter of 2024.

Edun expressed hopes of reaching a 3.7% growth target by the end of the year, stating, “Our commitment to continue reforms aims to achieve a 3.7% growth target by year-end.”

The minister acknowledged sector-specific developments, particularly in oil and gas, which recorded 10% growth during the second quarter of 2024.

He noted that the non-oil sector maintained a steady 2.8% growth rate, while addressing challenges faced by the Nigerian economy, including slower growth in transportation, wholesale, retail trade, and manufacturing.

Edun assured that the government is implementing measures to support these industries, including plans to enhance Premium Motor Spirit supply and procure biofuel buses and CNG conversion kits.