President Bola Tinubu has expressed optimism following the National Bureau of Statistics’ (NBS) report that Nigeria’s Gross Domestic Product (GDP) grew by 3.46% in real terms during the third quarter (Q3) of 2024, compared to the same period last year.
Reacting to the data on Monday, the President highlighted the improvement as a sign of progress while emphasizing the need for sustained efforts to enhance the living standards of Nigerians.
“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,” Tinubu said. “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.”
This statement was echoed by the Special Adviser to the President on Media and Public Communications, Sunday Dare, who credited the growth to the administration’s economic reforms.
Key Sectors Driving Growth
According to the NBS report, the top contributors 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%
- Real Estate: 5.43%
These sectors underscore the administration’s focus on diversification and structural reforms, which aim to mitigate the adverse effects of recent fiscal policies and unlock the economy’s potential.
Economic Reforms and a Vision for 2030
Tinubu reassured Nigerians of his administration’s resolve to achieve a $1 trillion economy by 2030. He noted that upcoming efforts to rebase the economy in 2025 would provide a more accurate reflection of Nigeria’s economic activities, capturing dynamism across diverse sectors.
Dare further explained that reforms such as proposed tax adjustments are designed to ease burdens on small businesses while ensuring equity in tax revenue distribution. The new framework prioritizes fairness, particularly addressing disparities caused by the “headquarters effect,” where states hosting corporate offices benefit disproportionately from tax remittances.
Challenges and the Road Ahead
Despite the positive growth, Tinubu acknowledged that the impact of reforms has been challenging for Nigerians. However, he assured citizens that long-term benefits, including fiscal stability and shared prosperity, are already beginning to materialize.
The administration remains committed to tackling inflation, improving infrastructure, and expanding opportunities for wealth creation, promising a continuous push for policies that deliver tangible improvements in the lives of ordinary Nigerians.
