President Bola Tinubu has expressed confidence in Nigeria’s economic trajectory following the release of the third-quarter Gross Domestic Product (GDP) growth figures by the National Bureau of Statistics (NBS), which show a growth of 3.46 per cent, an increase from the 3.19 per cent recorded in the previous quarter.
The president welcomed the positive figures as a sign that the country’s economy is on a path to recovery, particularly after the initial challenges posed by recent reforms.
He emphasised that the 3.46 per cent growth reflects the administration’s ongoing efforts to stimulate economic expansion and improve the living standards of Nigerians.
In a statement by Sunday Dare, his Special Adviser on Media and Public Communications, Mr Tinubu reiterated his commitment to achieving a $1 trillion economy by 2030, highlighting that the country’s economic recovery will be further solidified when the economy is rebased in early 2025.
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This process, he explained, would better reflect Nigeria’s dynamic economy and the significant developments across various sectors.
The third-quarter GDP growth was largely driven by strong performances in key sectors such as Agriculture, Information and Communications Technology (ICT), Transport, Education, Health, Real Estate, Finance and Insurance, Trade, and Manufacturing.
These sectors together played a crucial role in propelling the economy forward, with Agriculture contributing the most at 28.65 per cent, followed by ICT at 16.35 per cent and Trade at 14.78 per cent.
President Tinubu also pointed to the administration’s tax reforms as a key driver in spreading economic benefits more equitably, particularly through efforts to ease the tax burden on small businesses and ensure a fairer distribution of resources across the country.
This, he said, would address regional disparities by shifting the focus away from the traditional “headquarters effect” where state housing company headquarters benefit disproportionately from national tax remittances.
“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 stated.
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“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 Nigeria’s GDP in Q3 2024 were 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%).
