President Bola Tinubu on Monday expressed optimism following the release of Nigeria’s third-quarter Gross Domestic Product (GDP) growth figures, which showed a 3.46% year-on-year increase in real terms, as reported by the National Bureau of Statistics.
The president welcomed the positive growth, noting that the performance surpassed both the previous quarter’s figures and initial projections. “I am excited by the latest report from the National Bureau of Statistics that our economy grew in the third quarter more than last quarter and even beyond projected estimates,” President Tinubu said in a statement.
Despite his enthusiasm, President Tinubu acknowledged that the road ahead remains challenging. “While I welcome this development, the latest figure also shows the much work that needs to be done. We won’t rest until Nigerians feel the positive impacts in their pockets and experience a better living standard,” he added. “My administration remains committed to the welfare of our people.”
The statement, released by Sunday Dare, the Special Adviser to the President on Media and Public Communications, highlighted that the economic growth is a result of key reforms implemented by the Tinubu administration. “The growth in GDP shows that President Tinubu’s quest for a more robust boost in the economy and, by extension, a better standard of living for all Nigerians is on course,” Dare said.
Noting that the 3.46% growth indicates recovery from some of the unintended effects of recent reforms, the statement pointed to several sectors driving the economic rebound, including Agriculture, Transport, Education, Health, Real Estate, Finance, Insurance, ICT, Trade, and Manufacturing.
The statement also outlined President Tinubu’s commitment to achieving his ambitious goal of a $1 trillion economy by 2030. “President Tinubu said his administration has not and will never forget his promise of a $1 trillion economy by 2030,” Dare emphasized, adding that Nigeria’s economy would be rebased by early 2025 to reflect the significant changes that have occurred across various sectors. This rebasing, according to Dare, will be a pivotal step towards shared prosperity for all Nigerians.
Furthermore, President Tinubu’s administration is working on tax reforms aimed at reducing the burden on small businesses and ensuring more equitable economic benefits across the country. The new tax regime seeks to address the “headquarters effect,” where states hosting company headquarters receive disproportionate benefits, by promoting spatial and demographic equity in tax distribution.
Key sectors contributing to the 3.46% GDP growth in Q3 2024 included Agriculture (28.65%), ICT (16.35%), Trade (14.78%), Manufacturing (8.21%), Crude Oil (5.57%), Finance & Insurance (5.51%), and Real Estate (5.43%).
The statement emphasized that the ongoing reforms, coupled with focused fiscal management, are beginning to show positive results, setting the stage for Nigeria’s continued economic recovery and growth under President Tinubu’s leadership.
