President Bola Tinubu has reacted to the new third quarter gross domestic product report released by the National Bureau of Statistics (BES), saying the country would be on the path to “shared prosperity” from 2025.

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

Tinubu’s reaction to NBS report

• According to the Presidency, the GDP growth shows that President Bola Tinubu’s quest for a more robust revival of the economy and, by extension, a better standard of living for all Nigerians, is on track.

“The 3.46% growth indicates that Nigeria is recovering from the unintended effects of reforms.

“President Bola Tinubu has said his administration has not and will never forget its promise of a $1 trillion economy by 2030.

“He assured that once the economy has been restructured by early 2025 to capture its dynamism and record the significant changes occurring in different sectors, the country will be on the path to shared prosperity,” it can be said. read in part in the press release.

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• The Presidency further said these results show that the reforms undertaken by the Tinubu administration to reposition the economy and ensure better fiscal management are beginning to bear fruit.
• The statement added that the proposed tax reforms also demonstrate the administration’s determination to reduce the tax burden on small businesses and bring prosperity to the poor.

“The new tax regime seeks to promote fairness by reducing the so-called headquarters effect – a situation in which states, where companies’ headquarters are based, get more benefits because their taxes for the entire nation are handed over – in favor of spatial and demographic equity. », Adds the press release.

• President Bola Tinubu said he was excited by the latest NBS report that the economy in the third quarter grew faster than the previous quarter and even beyond projected estimates.
• While welcoming the development, Tinubu stressed that the latest figures also show how much work remains to be done.

“We will not rest until Nigerians feel the positive effects and have a better standard of living. My administration remains committed to the welfare of our people,” Tinubu was quoted as saying.

What you need to know

• Nairametrics had 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 NBS report.
• This is a notable increase from the 2.54% growth recorded in the corresponding period of 2023 and an improvement from the 3.19% growth seen in the second quarter of 2024.
• Growth in the third quarter of 2024 was mainly driven by the services sector, which grew by 5.19% and accounted for 53.58% of overall GDP.
• The main sectors contributing to GDP in the third quarter of 2024 are agriculture 28.65%, ICT 16.35%, trade 14.78%, manufacturing 8.21%, crude oil 5.57%, finance and insurance 5.51% and real estate 5.43%.
• Latest GDP growth in the third quarter is driven by key sectors such as agriculture, transport, education, healthcare, real estate, finance and insurance, ICT, trade and industry manufacturing.

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