• Minister of Finance and Coordinating Minister of the Economy, Wale Edun has disclosed that the Nigerian financial sector has experienced a remarkable recovery, with growth exceeding 30% in the first half of 2024
• He noted an improvement in the country's Gross Domestic Product (GDP), with growth rising from 3% in the first quarter to 3.2% in the second quarter of 2024
• He praised the Chartered Institute of Bankers of Nigeria for its ongoing commitment to advancing Nigeria’s financial landscape

The Nigerian financial sector has experienced a remarkable recovery, with growth exceeding 30% in the first half of 2024, according to Wale Edun, the Minister of Finance and Coordinating Minister of the Economy. 

The announcement was made by Dr. Armstrong Takang, Managing Director of Ministry of Finance Incorporated, at the 17th Annual Banking and Finance Conference held in Abuja on Tuesday, September 10.

Edun, through his representative, emphasized the sector's resilience and its crucial role in reinforcing Nigeria's economic stability. 

"The financial sector continues to demonstrate resilience, rebounding strongly from the contractions observed in 2021. This growth of over 30% during the first half of this year is pivotal in bolstering our overall economic stability," Edun stated.

In his address, Edun highlighted the positive trajectory of Nigeria’s economy, despite ongoing challenges. He noted an improvement in the country's Gross Domestic Product (GDP), with growth rising from 3% in the first quarter to 3.2% in the second quarter of 2024. The government aims to reach a 3.7% growth target by the end of the year. 

"Our commitment to continue reforms aims to achieve a 3.7% growth target by year-end," he said.

The Minister also acknowledged sector-specific developments, particularly in oil and gas, which recorded a 10% growth during the second quarter of 2024. This marked a significant rebound from the previous year's contraction. Meanwhile, the non-oil sector maintained a steady growth rate of 2.8%.

Addressing the challenges faced by various sectors, Edun pointed out slower growth in transportation, wholesale, retail trade, and manufacturing. To support these industries, the government is implementing measures such as increasing the supply of Premium Motor Spirit by 25 million litres starting in September, and procuring biofuel buses and CNG conversion kits.

Vice President Kashim Shettima, representing President Bola Tinubu at the conference, underscored the importance of collaboration between the government and the banking sector. He praised the Chartered Institute of Bankers of Nigeria for its ongoing 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.

Shettima also highlighted that Nigeria's economy is on a recovery path, with a notable GDP growth of 18.19% in the second quarter of 2024. He emphasized 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 added.

Edun further noted significant progress in revenue generation, with federal government revenue for the first half of 2024 reaching N9.1 trillion, more than double that of the same period in 2023. 

"This substantial increase reflects the success of our revenue collection reforms and effective use of technology," Edun further stated.

Looking ahead, Edun outlined ongoing reforms to enhance macroeconomic stability, including measures to address inflation and food prices. 

The government is also working on initiatives to improve food security and boost the electricity supply from the grid from approximately 4.5 gigawatts to 6 gigawatts by the end of the year.

As Nigeria navigates its path to economic recovery, the government's focus remains on sustaining growth, reinforcing stability, and advancing strategic reforms.

Nigeria’s finance minister wants SEC to regulate crypto

Meanwhile, TheRadar earlier reported the Minister of Finance, Wale Edun, expressed that it was time to regulate the sector. 

Edun, who is also in charge of coordinating the entirety of Nigeria’s economy, conveyed this when he inaugurated the SEC’s new board in the country’s capital, Abuja.