‘Reforms Bearing Fruits,’ Tinubu Hails Third-Quarter GDP Growth
President Bola Tinubu has expressed optimism over Nigeria’s economic trajectory, following the release of third-quarter GDP growth figures by the National Bureau of Statistics (NBS).
The NBS reported that Nigeria’s Gross Domestic Product (GDP) grew by 3.46% in real terms year-on-year for Q3 2024, surpassing projections and showing improvement from the previous quarter.
“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 beyond projected estimates,” President Tinubu remarked. “While I welcome this development, it also highlights the significant work ahead. We will not rest until Nigerians feel the impacts in their daily lives through improved living standards.”
The statement, issued by Tinubu’s Special Adviser on Media and Public Communications, Sunday Dare, emphasized the administration’s focus on improving citizens’ welfare.
According to Dare, the GDP growth underscores the effectiveness of reforms introduced by the Tinubu administration. “This growth indicates Nigeria is recovering from the unintended effects of recent reforms. It reaffirms the President’s commitment to a $1 trillion economy by 2030,” he said.
The administration plans to rebase the economy by early 2025 to better reflect the dynamism and significant shifts across sectors, positioning the country for long-term prosperity.
Key contributors to Q3 2024 GDP growth include:
- Agriculture: 28.65%
- ICT: 16.35%
- Trade: 14.78%
- Manufacturing: 8.21%
- Crude Oil: 5.57%
- Finance & Insurance: 5.51%
- Real Estate: 5.43%
The administration’s tax reform agenda, aimed at reducing the burden on small businesses and promoting equity across states, is also expected to drive future growth. By addressing disparities caused by the “headquarters effect,” the reforms seek to distribute economic benefits more evenly across the country.
President Tinubu reiterated his government’s resolve to ensure shared prosperity, with the latest GDP growth serving as a testament to the positive impact of ongoing reforms.
