President Tinubu welcomes Q3 GDP growth, promises stronger economic output
By Kunle Sanni
President Bola Tinubu has assured Nigerians of improved economic performance as the country’s 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% in the third quarter, compared to 3.19% in the previous quarter.
In a statement issued by Sunday Dare, Special Adviser to the President (Media and Public Communications), President Tinubu reiterated his commitment to achieving a $1 trillion economy by 2030.
He assured Nigerians that the economy will be rebased by early 2025, allowing for a more accurate reflection of its dynamism and significant sectoral changes. This rebasing, he emphasized, will pave the way for shared prosperity.
Stating that the third-quarter GDP growth was driven by key sectors including Agriculture, Transport, Education, Health, Real Estate, Finance and Insurance, ICT, Trade, and Manufacturing, he noted that the performance highlights early success of the administration’s economic reforms, which aim to reposition the economy and improve fiscal management.
He added that the proposed tax reforms also reflect the administration’s commitment to reducing the tax burden on small businesses while promoting economic equity.
“These reforms seek to address the “headquarters effect,” where states with company headquarters receive disproportionate benefits from national taxes, by ensuring more equitable distribution of tax revenues across states based on spatial and demographic factors,” he said.
President Tinubu further expressed his enthusiasm over the latest report, saying, “I am excited by the latest figures from the National Bureau of Statistics, showing that our economy grew in the third quarter, surpassing both last quarter’s performance and projected estimates.
“While I welcome this development, it also highlights the significant work that still lies ahead. We will not rest until Nigerians feel the positive impacts in their pockets and experience a better standard of living. My administration remains fully 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%).
