Despite facing economic hurdles such as currency devaluation and inflationary pressures, Nigeria’s financial sector demonstrated remarkable resilience in 2024. The sector expanded by over 30% in the first half of the year, contributing to an overall GDP growth rate that accelerated from 3% in Q1 to 3.2% in Q2, with projections aiming for 3.7% by year-end. Both the oil and non-oil sectors contributed to this positive trajectory, with the non-oil sector growing by 2.8% in the first half of the year.
The government’s revenue generation also saw a substantial increase, with federal income reaching ₦9.1 trillion in the first half of 2024, more than double the amount from the same period in the previous year.
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