Tinubu welcomes third-quarter GDP growth, says $1tn economy possible
President Bola Tinubu on Monday said Nigeria is on track to becoming a $1tn economy by 2030.
Tinubu premised this assertion on the recent statistics that showed a 3.46 per cent GDP growth for the third quarter of 2024 (July, August and September).
The third-quarter report by the National Bureau of Statistics showed that Nigeria’s Gross Domestic Product grew by 3.46 per cent, compared to the 3.19 per cent growth recorded in the second quarter.
The top contributing sectors to GDP in Q3 2024 are Agriculture, 28.65 per cent; ICT 16.35 per cent; Trade 14.78 per cent; Manufacturing 8.21 per cent; Crude Oil, 5.57 per cent; Finance & Insurance 5.51 per cent and Real Estate 5.43 per cent.
“The growth in GDP shows that President Tinubu’s quest for a more robust boost in the economy and, by extension, a better standard of living for all Nigerians is on course,” the President’s Special Adviser on Media and Public Communications, Mr. Sunday Dare, said in a statement he signed Monday titled, ‘President Tinubu assures of greater economic output, welcomes third quarter GDP growth figure.’
While assuring Nigerians of better economic output, Tinubu said the 3.46 per cent growth indicates Nigeria is recovering from the reforms’ unintended effects.
“President Tinubu said his administration has not and will never forget his promise of a $1tn economy by 2030.
“He assured that once the economy is rebased by early 2025 to capture its dynamism and record significant changes that have occurred in different sectors, the country will be on its way to shared prosperity,” Dare said.
The NBS says the latest GDP growth in the third quarter is driven by key sectors such as Agriculture, Transport, Education, Health, Real Estate, Finance and Insurance, ICT, Trade and Manufacturing.
Tinubu said, “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.
“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. My administration remains committed to the welfare of our people.”
The President said this performance once again shows that the reforms embarked upon by the Tinubu administration to reposition the economy and ensure better fiscal management are beginning to yield fruits.
He noted that the proposed tax reforms also indicate the administration’s resolve to reduce the tax burden on small businesses and spread prosperity to the poor.
“The new Tax regime seeks to promote equity by reducing what is known as the headquarters effect—a situation where states, where company headquarters are based, get more benefits because their taxes for the whole nation are remitted—in favour of spatial and demographic equity,” said the President.
