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President Bola Tinubu has expressed delight with the latest Gross Domestic Product report by the National Bureau of Statistics, which shows an improvement in Nigeria’s economic outlook.
A statement on Monday, signed by Tinubu’s Special Adviser on Media and Public Communications, Sunday Dare, said the positive performance shows that the reforms embarked upon by the President are bearing goof fruits.
Naija News reports that the NBS, in its latest report released on Monday, disclosed that Nigeria’s Gross Domestic Product (GDP) grew by 3.46%. The growth showed an increase in economic performance from Q2 GDP of 3.19% and higher growth from 2023 Q3 GDP of 2.54%.
Reacting, Dare conveyed President Tinubu’s assurance to Nigerians of better economic output as the economy continues to expand following the newly released third quarter Gross Domestic Product report by the National Bureau of Statistics.
He added that the growth in GDP shows that President Tinubu’s quest for a more robust boost in the economy and, by extension, a better standard of living for all Nigerians is on course.
The media aide noted that President Tinubu remains committed to actualizing a $1 trillion economy for Nigeria by 2030.
“The 3.46% growth indicates Nigeria is recovering from the reforms’ unintended effects.
“President Tinubu said his administration has not and will never forget his promise of a $1 trillion economy by 2030. He assured that once the economy is rebased by early 2025 to capture its dynamism and record significant changes that have occurred in different sectors, the country will be on its way to shared prosperity.
“The latest GDP growth in the third quarter is driven by key sectors such as Agriculture, Transport, Education, Health, Real Estate, Finance and Insurance, ICT, Trade, and Manufacturing.
“This performance once again shows that the reforms embarked upon by the Tinubu administration to reposition the economy and ensure better fiscal management are beginning to yield fruits,” the statement reads.
Dare also explained further that Tinubu’s proposed tax reforms are intended to benefit the entire nation by ensuring more equitable distribution of the country’s wealth.
“The proposed tax reforms also indicate the administration’s resolve to reduce the tax burden on small businesses and spread prosperity to the poor. The new Tax regime seeks to promote equity by reducing what is known as the headquarters effect—a situation where states where company headquarters are based get more benefits because their taxes for the whole nation are remitted—in favour of spatial and demographic equity.
“President Tinubu said, “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 shows the much work that needs to be done. We won’t rest until Nigerians feel the positive impacts in their pockets and experience a better living standard. My administration remains committed to the welfare of our people.”
“The top contributing sectors to GDP in Q3 2024 are 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%,” the statement concluded.
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