President Bola Tinubu has assured of a better standard of living for all Nigerians in “due course,” as his administration’s economic reforms to reposition the economy and ensure a better fiscal management are beginning to yield fruits.
In his reaction to the latest National Bureau of Statistics (NBS) newly-released third quarter Gross Domestic Report (GDP), the President in a statement signed by his Special Adviser on Media and Public Communications, Mr. Sunday Dare, also promised Nigerians of better economic output as the economy continues to expand.
According to the NBS, Nigeria’s GDP grew by 3.46%, compared to the 3.19% growth recorded in the second quarter.
The 3.46% growth, according to the President, indicates Nigeria is recovering from the reforms’ unintended effects.
Reiterating his promise of a $1 trillion economy by 2030, Tinubu further 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.
According to the President, the proposed tax reforms is an an indication of his administration’s resolve to reduce the tax burden on small businesses and spread prosperity to the poor.
He said, “I am excited by the latest report from the National Bureau of Statistics (NBS) 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%.
