President Bola Tinubu has assured Nigerians of improved economic prospects as the country’s Gross Domestic Product GDP continues to expand.
Reacting to the newly released Third Quarter GDP report by the National Bureau of Statistics NBS, the President highlighted the nation’s growth of 3.46%, an increase from the 3.19% recorded in the Second Quarter.
A statement signed by the Special Adviser to the President on Media and Communications, Sunday Dare notes that the GDP growth reflects the positive impact of the administration’s reforms and its commitment to fostering economic prosperity.
The President reaffirms his promise of achieving a $1 trillion economy by 2030, emphasizing that the upcoming rebasing of the economy in early 2025 will capture its evolving dynamics and position Nigeria for shared prosperity.
The latest GDP growth in the Third Quarter is driven by key sectors such as Agriculture, Transport, Education, Health, Real Estate, Finance and Insurance, ICT, Trade, and Manufacturing.
According to the statement, this performance once again shows that the reforms embarked upon by the Tinubu administration to reposition the economy and ensure better fiscal management are beginning to yield fruits.
The proposed tax reforms also indicate the administration’s resolve to reduce the tax burden on small businesses and spread prosperity to the poor.
It says the new tax regime seeks to promote equity by reducing what is known as the headquarters effect—a situation where states where company headquarters are based get more benefits because their taxes for the whole nation are remitted—in favour of spatial and demographic equity.
President Tinubu said, “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. 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. My administration remains committed to the welfare of our people.”
The top contributing sectors to GDP in Q3 2024 are 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%.
