Q3 2024: Nigeria’s 3.46 percent GDP growth signals greater economic output –Tinubu

*President Bola Ahmed Tinubu welcomes the Third Quarter 2024 GDP growth of 3.46 percent in the Nigerian economy, stating ‘we won’t rest until Nigerians feel the positive impacts in their pockets and experience a better living standard’

Alexander Davis | ConsumerConnect

President Bola Ahmed Tinubu has assured Nigerians of better economic productivity in view of the new Gross Domestic Product (GDP) growth the National Bureau of Statistics (NBS) recorded in Third Quarter (Q3) of 2024.

ConsumerConnect reports the NBS, in a report, announced the country’s GDP grew by 3.46 percent, compared to the 3.19 percent growth recorded in the second quarter of this year.

According to NBS, the latest GDP growth in the Third Quarter was driven by key sectors, including Agriculture, Transport, Education, Health, Real Estate, Finance and Insurance, ICT, Trade, and Manufacturing.

Mr. Sunday Dare, Special Adviser to the President on Media and Public Communications, Monday, November 25, 2024, stated the growth in the country’s GDP figure indicated 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 percent growth indicates Nigeria is recovering from the reforms’ unintended effects, he said.

The statement also noted President Tinubu said his administration had not and would never forget his promise of a $1 trillion economy by 2030.

The Nigerian leader as well 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 West African country would be headed to shared prosperity.

On benefits of proposed tax reforms bills for SMEs, Nigerians

The statement further noted: “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.

“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 Federal Government highlighted 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.

President Tinubu also said: “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. “While I welcome this development, the latest figure also shows the much work that needs to be done.”

Tinubu averred: “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 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% respectively.