On Monday, President Bola Tinubu announced that Nigeria is on a positive path toward becoming a $1 trillion economy by the year 2030. He based this optimistic outlook on recent statistics that reveal Nigeria’s economy grew by 3.46% in the third quarter of 2024 (which includes July, August, and September).
According to a report from the National Bureau of Statistics (NBS), Nigeria’s overall economic growth, measured through something called Gross Domestic Product (GDP), improved from 3.19% in the second quarter to 3.46% in the third quarter. This indicates that various sectors of the economy are doing well and contributing positively to this growth.
Some of the key sectors that helped drive this growth include:
- Agriculture (which contributed 28.65%)
- Information and Communications Technology (ICT) (16.35%)
- Trade (14.78%)
- Manufacturing (8.21%)
- Crude Oil (5.57%)
- Finance and Insurance (5.51%)
- Real Estate (5.43%)
Mr. Sunday Dare, who is the President’s Special Adviser on Media and Public Communications, shared this information in a statement emphasizing that this growth in GDP supports President Tinubu’s goal of strengthening the economy and improving living standards for all Nigerians.
He further mentioned that this economic growth of 3.46% suggests that Nigeria is bouncing back from the negative effects that some previous reforms had caused. President Tinubu reiterated that he remains committed to achieving the goal of a $1 trillion economy by 2030. He assured the public that once the economy is updated (or “rebased”) by early 2025 to better reflect its current state and the changes that have taken place in different sectors, Nigeria would move closer to achieving a prosperous future for all its citizens.
The NBS clarified that the recent increase in GDP was particularly influenced by important economic sectors such as Agriculture, Transport, Education, Health, Real Estate, Finance and Insurance, ICT, Trade, and Manufacturing.
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President Tinubu expressed his excitement about these latest positive figures from the NBS and noted that the growth exceeded both the last quarter’s numbers and expectations. Despite this good news, he acknowledged that there is still a lot of work ahead. He emphasized that his administration will continue to work diligently until Nigerians can feel tangible improvements in their daily lives and overall living standards.
He pointed out that the performance of the economy indicates that the reforms his government has implemented are starting to bear fruit. Moreover, he discussed upcoming tax reforms aimed at easing the financial burden on small businesses and fostering greater economic equity, particularly addressing the situation where states that have company headquarters receive more benefits from tax revenues than others.
These new tax plans are expected to create a fairer system that distributes economic benefits more evenly across all regions of the country, ultimately leading to improved welfare for the less fortunate.
