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, represented by the Managing Director of Ministry of Finance Incorporated, Armstrong Takang, at the 17th Annual Banking and Finance Conference in Abuja on Tuesday, 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 3 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.
