President Bola Ahmed Tinubu has expressed optimism over Nigeria’s economic trajectory following the release of the third-quarter Gross Domestic Product (GDP) report by the National Bureau of Statistics (NBS), which recorded a 3.46% growth.
The figure represents an improvement from the 3.19% growth rate recorded in the second quarter, signaling steady progress in the nation’s economic recovery.
The President described the development as a testament to his administration’s economic reforms and reassured Nigerians of his commitment to achieving a $1 trillion economy by 2030.
“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,” President Tinubu said in a statement issued by his Special Adviser on Media and Public Communications, Sunday Dare.
“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,” Tinubu added.
The NBS report highlighted that the growth was driven by key sectors including Agriculture (28.65%), Information and Communications Technology (16.35%), Trade (14.78%), Manufacturing (8.21%), Crude Oil (5.57%), Finance and Insurance (5.51%), and Real Estate (5.43%).
The President attributed the steady recovery to the reforms his administration has implemented to reposition the economy and enhance fiscal management. “The 3.46% growth indicates Nigeria is recovering from the unintended effects of our reforms. These efforts are already yielding fruits,” he noted.
Among the government’s strategies are proposed tax reforms aimed at easing the burden on small businesses and ensuring a more equitable distribution of revenue.
“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 favor of spatial and demographic equity,” the President explained.
Tinubu also reiterated his administration’s plan to rebase Nigeria’s economy by early 2025 to better reflect the dynamism of various sectors and recent structural changes. He expressed confidence that this would put the country on the path to shared prosperity.
The NBS data offers a glimmer of hope for many Nigerians as the country continues to tackle inflation, unemployment, and other macroeconomic challenges.
The President pledged to sustain efforts to ensure the benefits of economic growth translate to improved standards of living for citizens. “We won’t rest until Nigerians feel the positive impacts in their pockets,” he assured.
The latest figures underscore the government’s resolve to stimulate sustainable economic growth and improve the livelihoods of Nigerians through strategic reforms and sectoral focus.
