President Bola Tinubu on Monday expressed enthusiasm over the third-quarter economic growth figures released by the National Bureau of Statistics (NBS).
The report revealed that Nigeria’s Gross Domestic Product (GDP) grew by 3.46% in real terms in the third quarter (Q3) of 2024 on a year-on-year basis.
“I am pleased with the latest report from the National Bureau of Statistics showing that our economy grew in the third quarter, surpassing last quarter’s performance and exceeding projected estimates,” President Tinubu stated.
“While I welcome this positive development, the figures also highlight the significant work that remains. We will not rest until Nigerians feel the benefits in their daily lives, with improved living standards. My administration remains steadfast in its commitment to the welfare of our people.”
This was disclosed in a statement by the President’s Special Adviser on Media and Public Communications, Sunday Dare, who emphasised that President Tinubu is focused on improving living standards for all Nigerians.
“The growth in GDP demonstrates that President Tinubu’s efforts to drive robust economic recovery and, by extension, a better quality of life for Nigerians are on track,” the statement noted.
“The 3.46% growth indicates that Nigeria is gradually recovering from the unintended effects of recent reforms,” it added.
Mr Dare also highlighted that the reforms initiated by the Tinubu administration are beginning to take effect, with more progress anticipated.
“President Tinubu reiterated his commitment to achieving a $1 trillion economy by 2030. He assured that once the economy is rebased in early 2025 to reflect its evolving dynamics and significant sectoral changes, the country will be firmly on the path to shared prosperity.”
The statement further elaborated on the drivers of GDP growth, citing contributions from key sectors such as Agriculture, Transport, Education, Health, Real Estate, Finance and Insurance, ICT, Trade, and Manufacturing.
“This performance is evidence that the Tinubu administration’s reforms to reposition the economy and enhance fiscal management are beginning to yield results,” it stated.
The statement also addressed proposed tax reforms, which aim to alleviate the tax burden on small businesses and promote equitable prosperity.
“The new tax regime seeks to address disparities caused by the ‘headquarters effect’—where states hosting company headquarters benefit disproportionately from national tax revenues—in favour of greater spatial and demographic equity.”
The top contributing sectors to GDP in Q3 2024 were identified as 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%).