Nigeria’s Financial Sector Records Growth Amidst the Country’s Concerns 

The Nigerian government recently announced that its financial sector experienced immense growth. This is despite the fact that Nigeria has encountered some of its most severe economic setbacks in the form of currency devaluation and inflationary pressures. The Nigerian government also stated that the oil and non-oil sectors had some growth. 

During the 17th Annual Banking and Finance Conference, Wale Edun, Minister of Finance and Coordinating Minister of the Economy, was represented by Dr. Armstrong Takang, Managing Director of Ministry of Finance Incorporated, who revealed that Nigeria’s financial sector expanded by more than 30% in the first half of 2024.

He stated that the boost substantially improved Nigeria’s economic stability by exhibiting a strong recovery from the contractions witnessed in 2021, as reported by Punch newspaper.

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

Despite the challenges that Nigerians encountered in particular sectors, the minister stated that the Nigerian economy showed promising indicators of progress.

He revealed that the country’s GDP had improved, increasing at a higher rate in the second quarter of 2024 than in the first, from 3% to 3.2%, with the goal of reaching 3.7% 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.

He also mentioned the oil and gas sector, and the non-oil and gas sectors, both of which he said also recorded some growth. The non-oil sector had a growth of 2.8% in the first half of the year.

“The oil and gas sector saw a notable increase of 10 percent during the second quarter and a significant rebound from the contraction experienced in the same period last year,” he said.

The minister went on to emphasise the administration’s accomplishment in raising finances, pointing out that federal government revenue in the first half of 2024 was N9.1 trillion, more than double what it was in the same period last year.