Wale Edun: Nigeria's Financial Sector Grows by 30% in 2024

Wale Edun

Nigeria's Finance Sector Soars to New Heights with 30% Growth

“The sector has grown by over 30 per cent during the first half of this year, further...

Nigeria's finance sector grows 30% in H1 2024, driven by strong economic performance, while government implements measures to support sluggish industries and boost sustainable transportation.

Nigeria's financial sector experienced remarkable growth, expanding by over 30% in the first half of 2024, according to the Minister of Finance, Wale Edun. This significant growth reinforces the country's economic strength.

Speaking at the 17th Annual Banking and Finance Conference in Abuja, Dr. Armstrong Takang, Managing Director of Ministry of Finance Incorporated, represented Minister Edun and highlighted the sector's impressive performance as a positive indicator of the nation's economic resilience.

“The financial sector continues to demonstrate resilience, rebounding strongly from the contractions observed in 2021,” Edun said.

“The sector has grown by over 30 per cent during the first half of this year, further bolstering our overall economic stability.”

Minister Edun stressed the financial sector's crucial role in propelling economic growth, highlighting its significance in driving Nigeria's development.

Despite challenges in certain areas, Nigeria's economy has demonstrated encouraging signs of progress, Edun observed. He cited the country's improving Gross Domestic Product (GDP) as evidence, with growth accelerating from 3% in Q1 to 3.2% in Q2 2024.

“Our commitment to continue reforms aims to achieve a 3.7 per cent growth target by year end,” he said.

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

The non-oil sector continued to demonstrate resilience, maintaining a consistent growth rate of 2.8%, according to Edun.

While acknowledging the economy's progress, Edun also acknowledged challenges in specific sectors, including transportation, wholesale and retail trade, and manufacturing, which experienced sluggish growth, tempering the overall economic momentum.

The government is taking steps to bolster struggling industries, including plans to boost petrol supply by 25 million liters starting September and introduce eco-friendly transportation options like biofuel buses and CNG conversion kits, aimed at revitalizing sectors such as manufacturing, transportation, and trade.