25th November, 2024
By Kazeem Ugbodaga
President Bola Tinubu has reassured Nigerians of a stronger economic outlook as the economy continues to expand, following the release of the third-quarter Gross Domestic Product (GDP) report by the National Bureau of Statistics (NBS).
According to the NBS, Nigeria’s GDP grew by 3.46%, up from the 3.19% growth recorded in the second quarter.
This growth demonstrates that President Tinubu’s efforts to drive a more robust economy and, by extension, a better standard of living for all Nigerians, are progressing on course.
The 3.46% growth is evidence that Nigeria is recovering from the unintended effects of recent reforms.
Tinubu reaffirmed his administration’s commitment to achieving a $1 trillion economy by 2030, stating that once the economy is rebased by early 2025 to capture its dynamism and reflect significant changes across various sectors, the country will be on track towards shared prosperity.
The GDP growth in the third quarter was driven by key sectors such as agriculture, transport, education, health, real estate, finance and insurance, ICT, trade, and manufacturing.
This performance underscores the positive impact of the reforms introduced by the Tinubu administration to reposition the economy and improve fiscal management.
The proposed tax reforms are also part of the administration’s efforts to reduce the tax burden on small businesses and ensure a more equitable distribution of prosperity. The new tax regime aims to address the “headquarters effect”—where states hosting company headquarters benefit more due to the national taxes remitted—by promoting spatial and demographic equity.
President Tinubu stated, “I am excited by the latest report from the National Bureau of Statistics, which shows that our economy grew in the third quarter more than last quarter and even exceeded projected estimates. While I welcome this development, the latest figures also show the significant work still required. We will not rest until Nigerians feel the positive impacts in their pockets and experience a better standard of living. My administration remains committed to the welfare of our people.”
The top contributing sectors to GDP in Q3 2024 were 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%).
