President Bola Tinubu has expressed his satisfaction with the latest report on Nigeria’s Gross Domestic Product (GDP), which highlights a positive shift in the country’s economic trajectory.
A statement released on Monday, signed by Tinubu’s Special Adviser on Media and Public Communications, Sunday Dare, highlighted the encouraging growth as a clear indication that the reforms introduced by the President are beginning to yield positive results.
According to the most recent data from the National Bureau of Statistics (NBS), Nigeria’s GDP grew by 3.46% in the third quarter of 2024, marking an increase from the 3.19% growth recorded in Q2 and a significant improvement from the 2.54% growth seen in the same period last year.
In his response to the report, Dare conveyed President Tinubu’s optimism, assuring Nigerians that the economy would continue to grow and improve, thanks to the ongoing reforms. The President remains committed to achieving sustainable economic expansion, with a clear focus on improving the standard of living for all Nigerians.
The growth in GDP is seen as a testament to President Tinubu’s commitment to a more dynamic and robust economy. Dare emphasized that this positive trend reflects the successful implementation of the administration’s strategies aimed at boosting Nigeria’s economic performance and enhancing fiscal responsibility.
Furthermore, President Tinubu reaffirmed his pledge to grow Nigeria’s economy to $1 trillion by 2030. He expressed confidence that with continued reform efforts, this goal is achievable. “The 3.46% growth shows that the nation is on the path to recovery, despite the initial challenges posed by the reforms,” Dare quoted Tinubu as saying. The President added that the economy will be further strengthened once it is rebased by early 2025, ensuring a more accurate representation of Nigeria’s diverse and dynamic economic landscape.
Key sectors driving this growth include Agriculture, Transport, Education, Health, Real Estate, Finance and Insurance, Information and Communications Technology (ICT), Trade, and Manufacturing. The positive performance of these sectors underscores the effectiveness of the President’s economic strategies.
In addition to the impressive GDP growth, Dare discussed the administration’s proposed tax reforms, which aim to create a fairer and more inclusive distribution of wealth across the nation. These reforms are designed to alleviate the financial burden on small businesses and ensure a more equitable approach to taxation, particularly addressing the so-called “headquarters effect”—where states hosting major companies disproportionately benefit from national taxes.
President Tinubu expressed his enthusiasm for the third-quarter growth figures, noting that the economy had exceeded both the previous quarter’s growth and initial projections. While acknowledging the positive trend, he emphasized that the work was far from over. “We will not rest until every Nigerian feels the benefits of this growth in their daily lives,” the President said. “My administration remains fully committed to improving the welfare of our people and ensuring a better quality of life for all.”
The statement concluded with a breakdown of the top contributing sectors to Nigeria’s GDP in Q3 2024: Agriculture at 28.65%, ICT at 16.35%, Trade at 14.78%, Manufacturing at 8.21%, Crude Oil at 5.57%, Finance & Insurance at 5.51%, and Real Estate at 5.43%.
