Tinubu reacts to Nigeria’s 3.46% GDP growth in Q3 2024, targets shared prosperity from 2025 

President Bola Tinubu has reacted to the newly released third-quarter gross domestic product report by the National Bureau of Statistics (NBS), saying the country will be on its way to “shared prosperity” from 2025.

The presidency, in a statement on Monday, assured Nigerians of better economic output as the economy continues to expand following the NBS report, which stated that Nigeria’s GDP grew by 3.46%, compared to the 3.19% growth recorded in the second quarter of 2024.

Tinubu’s reaction to the NBS report 

• According to the presidency, the growth in GDP shows that President Bola 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 3.46% growth indicates Nigeria is recovering from the reforms’ unintended effects.

“President Bola 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 statement partly reads.

More insights 

• The presidency further stated that the performance 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 added that 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,” the statement added. 

• President Bola Tinubu expressed excitement by the latest report from the NBS that the economy grew in the third quarter more than last quarter and even beyond projected estimates.
• While he welcomed the development, Tinubu stressed that 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 was quoted as saying. 

What you should know 

• Nairametrics earlier reported that Nigeria’s Gross Domestic Product (GDP) grew by 3.46% year-on-year in real terms during the third quarter of 2024, according to the latest report from the NBS.
• This marks a notable increase from the 2.54% growth recorded in the corresponding period of 2023 and an improvement from the 3.19% growth observed in the second quarter of 2024.
• The growth in Q3 2024 was primarily driven by the services sector, which expanded by 5.19% and accounted for 53.58% of the aggregate GDP.
• 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 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.