In a significant boost to Nigeria’s economic outlook, the country recorded a Gross Domestic Product (GDP) growth rate of 3.46% in the third quarter of 2024, surpassing the 3.19% growth achieved in the second quarter. This latest report by the National Bureau of Statistics (NBS) reflects ongoing efforts by the Tinubu administration to reposition the economy for sustained expansion.
According to a statement by Sunday Dare, Special Adviser to the President (Media and Public Communications), the GDP growth demonstrates the effectiveness of the government’s economic reforms and its commitment to improving the standard of living for Nigerians. “This 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,” Dare noted.
The Q3 GDP growth was driven by key sectors, including Agriculture, Transport, Education, Health, Real Estate, Finance and Insurance, ICT, Trade, and Manufacturing. Agriculture emerged as the largest contributor, accounting for 28.65% of the GDP, followed by ICT at 16.35% and Trade at 14.78%.
President Bola Tinubu expressed optimism about the economy’s trajectory while reaffirming his administration’s commitment to achieving a $1 trillion economy by 2030. “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,” Tinubu said. “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.”
The President highlighted the importance of ongoing economic reforms, including the proposed tax regime designed to alleviate the tax burden on small businesses and promote fairness. This policy seeks to address the “headquarters effect,” where states hosting company headquarters receive disproportionate benefits. By fostering spatial and demographic equity, the government aims to spread prosperity across the country.
Tinubu also emphasized the forthcoming rebasing of Nigeria’s economy, scheduled for early 2025, which is expected to capture the nation’s evolving economic landscape and reflect the dynamism of various sectors. “Once the economy is rebased, significant changes will be recorded, putting the country on its way to shared prosperity,” the statement read.
Despite the progress, the President acknowledged the lingering challenges from the unintended effects of earlier reforms. He assured Nigerians that his administration remains focused on their welfare and committed to fostering economic stability.
The report underscores a promising outlook for Nigeria’s economy as it recovers from recent challenges and builds a foundation for long-term growth. With Agriculture, ICT, and Manufacturing playing pivotal roles, the administration is hopeful that its vision for a prosperous and equitable economy will soon become a reality.