ABUJA: President Bola Tinubu on Monday, expressed confidence that Nigeria is well on its way to becoming a $1 trillion economy by 2030, citing recent statistics that show a 3.46% GDP growth in the third quarter of 2024.
The National Bureau of Statistics (NBS) report revealed a solid 3.46% growth in GDP for the third quarter of 2024 (July to September), surpassing the 3.19% growth in the previous quarter. This growth is attributed to strong performance across several key sectors.
The sectors contributing significantly to the GDP in Q3 2024 include Agriculture (28.65%), ICT (16.35%), Trade (14.78%), Manufacturing (8.21%), Crude Oil (5.57%), Finance & Insurance (5.51%), and Real Estate (5.43%).
According to Mr. Sunday Dare, President Tinubu’s Special Adviser on Media and Public Communications, the GDP growth reflects the ongoing efforts of the Tinubu administration to strengthen the economy and improve the standard of living for all Nigerians.
President Tinubu’s commitment to a stronger economy is on track, Dare stated in a Monday release titled, ‘President Tinubu assures of greater economic output, welcomes third quarter GDP growth figure.’
President Tinubu welcomed the growth, noting that the 3.46% increase shows Nigeria’s economic recovery from the temporary disruptions caused by his administration’s reforms. The President reaffirmed his promise of a $1 trillion economy by 2030, emphasizing that the economy will be rebased in early 2025 to better reflect its dynamic nature and the substantial progress in various sectors.
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.As soon as te economy is rebased, Nigeria will be well on its way to shared prosperity, Dare quoted the President as saying.
In response to the GDP growth, President Tinubu shared his excitement, saying, I am thrilled by the National Bureau of Statistics report that shows our economy grew in the third quarter more than anticipated, exceeding projections. While this is a positive development, we recognize that much work remains.
The President reiterated that his administration would not rest until Nigerians experience significant improvements in their daily lives, with tangible benefits from the economic growth.
President Tinubu also highlighted that the economic growth reflects the success of his administration’s reforms aimed at improving fiscal management and repositioning the economy. He pointed to the proposed tax reforms as evidence of the government’s efforts to reduce the tax burden on small businesses while ensuring fair distribution of wealth.
The new tax regime will foster equity by addressing the headquarters effect, ensuring that states with company headquarters benefit more, and favouring spatial and demographic equity across the nation, he explained.
