At the 17th Annual Banking and Finance Conference held in Abuja on Tuesday, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, announced that the country’s financial sector experienced over 30% growth during the first half of 2024. The minister, represented by the Managing Director of the Ministry of Finance Incorporated, Dr. Armstrong Takang, lauded the sector’s resilience and role in propelling Nigeria’s economic recovery from the challenges of 2021.
“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.
Edun also underscored the importance of the financial sector in fostering sustained economic growth, noting that the sector’s remarkable recovery has contributed to broader economic stability. He explained that the nation’s Gross Domestic Product (GDP) grew from 3% in the first quarter to 3.2% in the second quarter of 2024, with expectations of hitting a 3.7% growth rate by the end of the year.
“The Nigerian economy has shown promising signs of progress despite the challenges in some sectors. The improvements in our GDP from 3% in the first quarter to 3.2% in the second quarter reflect this positive trajectory,” he added.
The conference provided a platform for stakeholders in Nigeria’s financial industry to discuss opportunities and strategies for further strengthening the sector. It emphasized the vital role of financial institutions in fostering sustainable development, enhancing banking reforms, and improving access to financial services.
