President Bola Ahmed Tinubu has sworn that he will not rest until Nigerians experience the tangible benefits of his administration’s economic policies. The President expressed his determination while reacting to the recently released third-quarter (Q3) 2024 Gross Domestic Product (GDP) growth figures from the National Bureau of Statistics (NBS). According to the report, Nigeria’s GDP grew by 3.46% in real terms year-on-year during Q3 2024, surpassing earlier projections.
President Tinubu expressed enthusiasm about the growth, stating: “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 highlights the significant work that still needs to be done. We will not rest until Nigerians feel the positive impacts of these policies in their daily lives and experience an improved standard of living. My administration remains unwavering in its commitment to the welfare of our people.
“This statement was contained in a release by Sunday Dare, the Special Adviser to the President on Media and Public Communications. The adviser explained that the President is focused on fostering economic growth and improving living standards for all Nigerians.”
The GDP growth shows that President Tinubu’s drive for a more robust and inclusive economy is on track. The 3.46% growth reflects the nation’s gradual recovery from the unintended side effects of economic reforms initiated by this administration,” Dare stated.
He further highlighted that the reforms undertaken by the Tinubu administration are starting to bear fruit, and Nigerians can anticipate even more progress in the near future.”
President Tinubu has consistently reiterated his vision of achieving a $1 trillion economy by 2030. He assured that with plans to rebase the economy in early 2025, capturing the dynamism and structural changes in various sectors, the country will move toward shared prosperity. The latest GDP growth is a testament to the effectiveness of his policies in repositioning the economy for sustainable development.
“The growth in Q3 2024 was attributed to the strong performance of several critical sectors, including Agriculture (28.65%), Information and Communication Technology (16.35%), Trade (14.78%), Manufacturing (8.21%), Crude Oil (5.57%), Finance and Insurance (5.51%), and Real Estate (5.43%).
Sunday Dare further emphasized the administration’s dedication to reforms, particularly in tax policies, aimed at reducing the tax burden on small businesses and ensuring equity in resource distribution. The proposed tax reforms are designed to address the “headquarters effect,” a practice where states hosting company headquarters benefit disproportionately from taxes remitted at the national level. Instead, the new system will promote fairness and ensure equitable benefits for all regions and demographics.
In addition, Dare explained that these reforms aim to encourage wealth distribution and reduce poverty, aligning with the President’s broader goal of enhancing fiscal management and fostering sustainable economic growth. With a focus on empowering key
