Third-Quarter GDP Growth Excites President Tinubu as He Restates Promises Ahead of 2030

President Bola Tinubu has expressed excitement over Nigeria’s 3.46 per cent GDP growth in the third quarter of 2024, saying the country is on track to becoming a $1tn economy by 2030.

POLITICS NIGERIA reports that in a recent report released on Monday, the National Bureau of Statistics (NBS) revealed that Nigeria’s Gross Domestic Product (GDP) grew by 3.46 per cent in the third quarter, compared to the 3.19 per cent growth recorded in the second quarter.

The NBS report revealed that key sectors such as Agriculture, Transport, Education, Health, Real Estate, Finance and Insurance, ICT, Trade, and Manufacturing drove the latest GDP growth. The top contributing sectors to GDP in Q3 2024 include Agriculture at 28.65 per cent, ICT at 16.35 per cent, Trade at 14.78 per cent, Manufacturing at 8.21 per cent, Crude Oil at 5.57 per cent, Finance & Insurance at 5.51 per cent, and Real Estate at 5.43 per cent.

Reacting, President Tinubu reiterated his administration’s commitment to achieving a $1tn economy by 2030. He assured that once the economy is rebased by early 2025 to capture its dynamism and record significant changes, the country will be on its way to shared prosperity.

“The growth in GDP shows that President Tinubu’s quest for a more robust boost in the economy and, by extension, a better standard of living for all Nigerians is on course,” the President’s Special Adviser on Media and Public Communications, Mr. Sunday Dare, said in a statement he signed Monday titled, ‘President Tinubu assures of greater economic output, welcomes third quarter GDP growth figure.’

“President Tinubu said his administration has not and will never forget his promise of a $1tn economy by 2030.

“He assured that once the economy is rebased by early 2025 to capture its dynamism and record significant changes that have occurred in different sectors, the country will be on its way to shared prosperity,” Dare said.

Tinubu added, “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.”

The President said the 3.46 per cent growth indicates Nigeria is recovering from the reforms’ unintended effects. He noted that the proposed tax reforms aim to reduce the tax burden on small businesses and spread prosperity to the poor.

“The new Tax regime seeks to promote equity by reducing what is known as the headquarters effect—a situation where states, where company headquarters are based, get more benefits because their taxes for the whole nation are remitted—in favour of spatial and demographic equity,” Tinubu said.