Tinubu Hails Third-Quarter GDP Growth as Evidence of Reforms Paying Off

President Tinubu celebrates Nigeria’s 3.46% GDP growth in Q3 2024, attributing it to the positive impact of his administration’s economic reforms.

On Monday, President Bola Tinubu expressed excitement about the third-quarter economic growth figures released by the National Bureau of Statistics.

According to the report, Nigeria’s Gross Domestic Product (GDP) increased by 3.46 percent in real terms during the third quarter of 2024 compared to the same period last year.

President Tinubu expressed his excitement over the latest report from the National Bureau of Statistics, highlighting that our economy experienced growth in the third quarter exceeding both last quarter’s performance and projected estimates.

I appreciate this progress, but the latest numbers highlight how much work remains. We won’t rest until Nigerians feel positive impacts financially and enjoy a better standard of living. My administration is dedicated to ensuring the welfare of our people.

This was revealed in a statement by the President’s Special Adviser.

(Media and Public Communications, Sunday Dare, explained that President Tinubu is dedicated to improving the standard of living for Nigerians.

The increase in GDP indicates that President Tinubu’s efforts to strengthen the economy and improve the standard of living for all Nigerians are progressing well.

“The statement noted that the 3.46% growth signifies Nigeria’s recovery from the unintended consequences of the reforms.”

Mr. Dare further mentioned that the reforms initiated by his principal have begun to take effect, and he anticipates even more progress under the current administration.

READ ALSO: Nigeria’s GDP Grows By 3.46% in Q3 2024, According to NBS

President Tinubu assured that his administration remains committed to the promise of achieving a $1 trillion economy by 2030. He expressed confidence that, with the rebasing of the economy scheduled for early 2025 to reflect its dynamism and significant sectoral changes, the country will be on track toward shared prosperity.

The recent GDP growth in the third quarter is propelled by major sectors including agriculture, transport, education, health care, real estate, finance and insurance services, information and communication technology (ICT), trade, and manufacturing.

This performance demonstrates once more that the Tinubu administration’s reforms to realign the economy and improve fiscal management are starting to bear fruit.

The proposed tax reforms demonstrate the administration’s commitment to lessening the tax load on small businesses and extending prosperity to those in poverty. The new tax regime aims to enhance equity by addressing what is known as the headquarters effect—where states hosting company headquarters receive disproportionate benefits due to nationwide taxes being remitted there—and instead promoting spatial and demographic fairness.

In the third quarter of 2024, the leading sectors contributing to GDP are Agriculture at 28.65%, ICT at 16.35%, Trade at 14.78%, Manufacturing at 8.21%, Crude Oil with a contribution of 5.57%, Finance & Insurance accounting for 5.51%, and Real Estate comprising 5.43%.