President Bola Tinubu has restated his commitment to improving the lives of Nigerians, following the release of the third-quarter Gross domestic product (GDP) report by the National Bureau of Statistics (NBS).
The report shows that Nigeria’s economy grew by 3.46% in Q3 2024, up from the 3.19% recorded in the previous quarter, signalling progress in the administration’s economic reforms.
Speaking on the latest data, President Tinubu expressed optimism while acknowledging the need for sustained efforts.
“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,” he said in a statement signed by Sunday Dare, Special Adviser on Media and Public Communications.
The NBS report highlights key sectors driving growth, including Agriculture (28.65%), ICT (16.35%), Trade (14.78%), Manufacturing (8.21%), Crude Oil (5.57%), Finance and Insurance (5.51%), and Real Estate (5.43%). These figures underscore the diversification of Nigeria’s economy and the effectiveness of policies aimed at boosting productivity across various industries.
President Tinubu also reiterated his vision of achieving a $1 trillion economy by 2030, a goal he said would be supported by rebasing the economy by 2025 to reflect changes in the country’s dynamic sectors.
According to him, once the economy is rebased, the country will be on its way to shared prosperity.
The administration’s reforms, including proposed tax changes, aim to ease the burden on small businesses while promoting fairness in revenue distribution.
The new tax regime seeks to address the “headquarters effect,” ensuring more equitable benefits for all regions.
The growth in GDP, according to Tinubu, shows that the unintended challenges from earlier reforms are being overcome, paving the way for long-term economic stability and improved fiscal management.
