President Bola Ahmed Tinubu has responded to the latest report from the National Bureau of Statistics (NBS) on Nigeria’s economic performance, highlighting that the 3.46% growth in Gross Domestic Product (GDP) during the third quarter of 2024 reflects a recovery process spurred by the economic reforms implemented under his administration.
The report from the NBS noted that the Nigerian economy recorded a 3.46% annual GDP growth rate in Q3 2024, a significant improvement from the 2.54% growth recorded in the same period of 2023. This figure also surpassed the 3.19% growth rate achieved in the second quarter of 2024, showcasing consistent progress.
The services sector was singled out as the key driver of the growth, with a robust 5.19% increase in activity, contributing a substantial 53.58% to the total GDP.
In a statement released by his Special Adviser on Media and Public Communications, Sunday Dare, President Tinubu expressed optimism about the trajectory of the nation’s economy. He reiterated his administration’s commitment to achieving a $1 trillion economy by 2030, noting that the GDP growth is a testament to the recovery process following the initial challenges posed by the reforms.
“The growth in GDP shows that President Tinubu’s vision for a stronger economy and an improved standard of living for Nigerians is steadily materializing,” the statement read. “The 3.46% growth rate indicates that Nigeria is rebounding from the unintended effects of economic reforms.”
President Tinubu reassured Nigerians that his government remains dedicated to fulfilling its promise of building a $1 trillion economy by 2030. He emphasized that the planned rebasing of the economy in early 2025 will better capture the changes and dynamism in various sectors, laying the foundation for widespread prosperity.
The President attributed the recent economic growth to key sectors such as agriculture, transportation, education, healthcare, real estate, finance and insurance, information and communications technology (ICT), trade, and manufacturing.
Specifically, agriculture contributed 28.65% to the GDP, followed by ICT at 16.35%, trade at 14.78%, manufacturing at 8.21%, crude oil at 5.57%, finance and insurance at 5.51%, and real estate at 5.43%.
“These results affirm that the reforms undertaken by the Tinubu administration to strengthen fiscal management and reposition the economy are yielding positive outcomes,” the statement added. “Proposed tax reforms, aimed at reducing the tax burden on small businesses and promoting spatial and demographic equity, further demonstrate the government’s resolve to spread prosperity to underserved areas.”
President Tinubu expressed excitement about the NBS report, emphasizing that while the growth is commendable, much work remains to ensure Nigerians feel the impact in their daily lives. “The latest GDP report indicates progress beyond projections, but we will not rest until the benefits are tangible for every Nigerian,” he stated. “My administration is fully committed to improving the welfare of our people and ensuring a better standard of living for all.”
The President concluded by reaffirming his administration’s focus on fostering inclusive growth, reducing economic disparities, and implementing measures to achieve shared prosperity.
