President Bola Ahmed Tinubu has expressed optimism about Nigeria’s economic trajectory following the National Bureau of Statistics (NBS) report that the country’s Gross Domestic Product (GDP) grew by 3.46% in the third quarter of 2024.
New Telegraph had earlier reported the 3.46% surpasses the 3.19% recorded in Q2 2024, signalling sustained economic recovery from the unintended effects of recent reforms.
Reacting to the new feat in a statement issued on Monday through his Special Adviser on Media and Public Communications Sunday Dare, President Tinubu emphasized that the GDP growth reflects his administration’s progress toward achieving a robust and diversified economy.
Furthermore, he assured Nigerians that his pledge to build a $1 trillion economy by 2030 remains unwavering.
Tinubu noted that the upcoming rebasing of Nigeria’s economy in early 2025 will better capture its evolving dynamism and structural changes across sectors.
Key drivers of Q3 2024 GDP growth 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%).
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Tinubu enumerated the positive impact of reforms targeting fiscal discipline and improved sectoral performance, particularly in agriculture, health, education, and infrastructure.
The President also lauded proposed tax reforms designed to alleviate the burden on small businesses and address the “headquarters effect,” ensuring equitable tax revenue distribution across regions.
He reaffirmed his administration’s commitment to ensuring economic policies translate into tangible benefits for Nigerians, improving living standards nationwide.
President Tinubu said: “I am excited by the NBS report showing stronger GDP growth in Q3.
“While this is a positive milestone, we recognize the need for continued hard work.
“My administration will not rest until Nigerians feel the benefits in their daily lives and experience lasting economic prosperity.”
The GDP growth shows the effectiveness of Tinubu’s reform agenda, with his administration positioning Nigeria for long-term shared prosperity.
