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President Bola Tinubu has expressed optimism about Nigeria’s economic trajectory following a report from the National Bureau of Statistics indicating a 3.46% GDP growth in the third quarter of 2024.
This marks an improvement from the 3.19% growth in the previous quarter. The services sector was the primary driver, contributing 53.58% to the GDP with a growth rate of 5.19%.
While acknowledging this progress, President Tinubu emphasized the need for continued efforts to ensure Nigerians experience tangible improvements in their livelihoods
The growth in GDP, according to a press release from the Presidency, 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.
The 3.46% growth indicates Nigeria is recovering from the reforms' unintended effects, the press release signed by Sunday Dare, Special Adviser to the President on Media and Public Communications, stated.
President Tinubu, according to the release, said his administration has not and will never forget his promise of a $1 trillion economy by 2030.
He assured that once the economy is rebased by early 2025 to capture its dynamism and record significant changes that have occurred in different sectors, the country will be on its way to 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, the statement added.
This performance, it claims, “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.”
It states further: “The proposed tax reforms also indicate the administration's resolve to reduce the tax burden on small businesses and spread prosperity to the poor. 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, also according to the press statement, 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%.
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