GDP growth: Economic Reforms yielding fruits – Tinubu

By Miracle Ogunde

In reaction to the report by the National Bureau of Statistics, NBS on Monday indicating that Nigeria’s Gross Domestic Product, GDP, grew by 3.46 per cent in real terms in the third quarter (Q3) of 2024 on a year-on-year basis, President Bola Tinubu has expressed delight at the report saying his economic reforms have begun to yield positive results.

Special Adviser on Media and Public Communications to the President, Sunday Dare, made this known in a statement on Monday, detailing that President Tinubu was focused on providing a better living standard for Nigerians.

According to him, the president said he was excited that the 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 growth in GDP shows that President 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,” the statement read.

Speaking further, Dare said that the reforms embarked upon by his principal have started to materialise and more should be expected from the present administration.

”President 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 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.

”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,” he added.

He said 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, adding that “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.”

He further said that the top contributing sectors to GDP in Q3 2024 were 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%.


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