President Tinubu assures of greater economic output as Nigeria’s GDP grows by 3.46%

November 26, 2024

By Samuel Ogunsona

Nigerian President, Bola Tinubu, has welcomed the newly released third-quarter Gross Domestic Product (GDP) growth figure, assuring Nigerians of better economic output.

According to the National Bureau of Statistics (NBS), Nigeria’s GDP grew by 3.46% in the third quarter, compared to the 3.19% growth recorded in the second quarter.

This growth indicates that Nigeria is recovering from the unintended effects of reforms. President Tinubu’s administration has promised a $1 trillion economy by 2030, and the president assured that once the economy is rebased by early 2025, the country will be on its way to shared prosperity.

The latest GDP growth is driven by key sectors such as Agriculture, Transport, Education, Health, Real Estate, Finance and Insurance, ICT, Trade, and Manufacturing.

The proposed tax reforms aim to reduce the tax burden on small businesses and promote equity.

President Tinubu stated, “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.” He said

The top contributing sectors to GDP in Q3 2024 are Agriculture, ICT, Trade, Manufacturing, Crude Oil, Finance and Insurance, and Real Estate.

President Tinubu’s administration is committed to ensuring that the economy continues to grow and that the benefits of this growth are felt by all Nigerians.

The Government is working to create a favorable business environment, promote economic diversification, and invest in critical infrastructure.

As the economy continues to grow, President Tinubu’s administration is optimistic that Nigeria will achieve its goal of becoming a $1 trillion economy by 2030.

The Government is committed to working tirelessly to ensure that this goal is achieved and that all Nigerians benefit from the country’s economic growth.