Kehinde Fajobi
President Bola Tinubu has expressed delight over the National Bureau of Statistics’ (NBS) report showing that Nigeria’s economy grew by 3.46% in the third quarter of 2024.
This surpasses the 3.19% growth recorded in the second quarter and exceeded earlier projections.
In a statement by his Special Adviser on Media and Public Communications, Sunday Dare, Tinubu described the growth as evidence of recovery from the unintended effects of recent reforms.
He noted, “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.”
The President added, “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 reaffirmed his administration’s target of achieving a $1 trillion economy by 2030.
He assured Nigerians that the planned rebasing of the economy by early 2025 would better reflect the nation’s dynamism and the significant changes across various sectors, propelling the country towards shared prosperity.
The NBS report highlighted key sectors driving the third-quarter growth, including Agriculture, ICT, Trade, Manufacturing, Transport, Education, Health, Real Estate, and Finance & Insurance.
Agriculture contributed the largest share at 28.65%, followed by ICT at 16.35%, Trade at 14.78%, and Manufacturing at 8.21%.
The statement added, “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.”
It also highlighted ongoing tax reforms designed to promote equity by reducing the burden on small businesses while ensuring broader prosperity.
The reforms aim to address the “headquarters effect,” where states hosting company headquarters disproportionately benefit from national taxes.
President Tinubu assured Nigerians that his administration remains focused on delivering tangible improvements to their living standards as the economy continues to expand.