PRESIDENT Bola Tinubu expressed his enthusiasm regarding the third-quarter growth statistics released by the National Bureau of Statistics.
The report indicated that Nigeria’s Gross Domestic Product (GDP) grew by 3.46% in real terms year-on-year for the third quarter of 2024.
“I am thrilled by the latest report from the National Bureau of Statistics, which shows that our economy has grown more in the third quarter compared to last quarter and has exceeded projected estimates,” President Tinubu stated.
“While I welcome this progress, the latest figures also highlight the significant work that remains. We will not rest until Nigerians feel the positive effects in their daily lives and enjoy an improved standard of living. My administration is dedicated to the welfare of our citizens.”
This was conveyed in a statement by the President’s Special Adviser on Media and Public Communications, Sunday Dare, who emphasized that President Tinubu is focused on enhancing the living standards of Nigerians.
“The GDP growth reflects President Tinubu’s commitment to strengthening the economy and improving the quality of life for all Nigerians,” the statement noted.
The 3.46% growth suggests that Nigeria is recovering from the unintended consequences of recent reforms, according to Dare, who also indicated that the reforms initiated by the President are beginning to take effect, with more positive outcomes expected from the current administration.
President Tinubu reiterated his pledge for a $1 trillion economy by 2030, assuring that once the economy is rebased by early 2025 to account for its dynamism and the significant changes across various sectors, the country will be on the path to shared prosperity.
The latest GDP growth in the third quarter was driven by key sectors including Agriculture, Transport, Education, Health, Real Estate, Finance and Insurance, ICT, Trade, and Manufacturing.
This performance underscores that the reforms initiated by the Tinubu administration to reposition the economy and improve fiscal management are starting to yield results.
Furthermore, the proposed tax reforms reflect the administration’s commitment to alleviating the tax burden on small businesses and promoting prosperity among the less fortunate.
The new tax regime aims to foster equity by addressing the “headquarters effect,” where states housing company headquarters receive disproportionate benefits from national tax remittances, thus promoting spatial and demographic fairness.
The sectors contributing most significantly to GDP in Q3 2024 include 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%).