President Bola Ahmed Tinubu has expressed optimism over the growing Nigerian economy following the release of the country’s third-quarter Gross Domestic Product (GDP) report by the National Bureau of Statistics (NBS). The report reveals a 3.46% GDP growth for Q3 2024, surpassing the 3.19% growth recorded in the previous quarter, and outpacing initial projections.
The President welcomed the positive figures, highlighting that they demonstrate Nigeria’s economic recovery and the effectiveness of the ongoing reforms introduced by his administration. He noted that the growth was driven by key sectors, including agriculture, ICT, trade, manufacturing, and real estate, reflecting the resilience and diversification of the country’s economy.
“This is a clear sign that the economic policies and reforms we have introduced are starting to bear fruit. We are seeing growth across key sectors, and our vision for a prosperous, $1 trillion economy by 2030 remains on course,” President Tinubu said in a statement following the release of the figures.
Economic Sectors Lead Growth
The 3.46% growth in the third quarter reflects a solid performance from several vital sectors. Agriculture remains the top contributor, accounting for 28.65% of the GDP, while Information and Communication Technology (ICT) continues to be a significant growth driver, contributing 16.35%. The trade sector also played a pivotal role, contributing 14.78% to the overall growth. Other sectors showing strong performances include manufacturing (8.21%), crude oil (5.57%), finance and insurance (5.51%), and real estate (5.43%).
President Tinubu underscored that the economic expansion reflects the structural reforms his administration has put in place to ensure a more diversified and resilient economy. He emphasized that these efforts are aimed at reducing Nigeria’s dependency on oil and bolstering other sectors like agriculture, manufacturing, and ICT, which have been key in driving the country’s economic recovery.
Tax Reforms for Inclusivity and Prosperity
The President also highlighted the ongoing tax reforms as a critical component of his administration’s strategy for economic growth. The new tax regime aims to ease the burden on small businesses and promote equity across the country. One of the key focuses of the tax reforms is addressing the so-called “headquarters effect,” which sees states with company headquarters benefit disproportionately from tax revenues. The new approach seeks to ensure that wealth is more evenly distributed, benefiting states across Nigeria in a more spatially and demographically equitable manner.
“As we move forward, our goal is to reduce the tax burden on small businesses, promote fairness in our tax system, and ensure that prosperity reaches every Nigerian, particularly those in underserved regions,” the President stated.
Looking Ahead: Shared Prosperity and Sustainable Growth
While acknowledging the progress made, President Tinubu reaffirmed his commitment to ensuring that the growth seen in the economy translates into tangible benefits for ordinary Nigerians. He stressed that his administration would not rest until Nigerians experience a significant improvement in their living standards, with economic prosperity more visibly reflected in their daily lives.
“We are excited by the progress, but we know there is still much work to do. We are committed to making sure that all Nigerians feel the positive impacts of these economic changes in their pockets,” President Tinubu added.
The President concluded by reiterating his administration’s commitment to achieving a $1 trillion economy by 2030, emphasizing that the rebasing of Nigeria’s economy, scheduled for early 2025, will further reflect the dynamism of the country’s growing sectors and its evolving economic landscape.
As the government continues to push forward with reforms and investment in key sectors, the future of Nigeria’s economy appears poised for more robust growth, with President Tinubu’s policies steering the nation towards greater prosperity.
