President Bola Tinubu has expressed optimism about Nigeria's economic trajectory, highlighting the positive impact of recent reforms on the country's GDP growth.
According to a report by the National Bureau of Statistics (NBS), Nigeria's GDP grew by 3.46% in the third quarter of 2024, an improvement from the 3.19% growth recorded in the second quarter. This growth was largely driven by the non-oil sector, which contributed 94.43% to the GDP, with agriculture, ICT, and trade being the leading sectors.
Tinubu emphasized that the growth indicates a recovery from the unintended effects of his administration's reforms. He reiterated his commitment to achieving a $1 trillion economy by 2030, stating that once the economy is rebased by early 2025, it will better reflect the important changes across various sectors. The President also mentioned proposed tax reforms aimed at reducing the tax burden on small businesses and promoting equity.
The NBS report further detailed that the nominal GDP stood at N71.13 trillion, marking a year-on-year nominal growth of 17.26%. Despite challenges such as high interest and exchange rates affecting the manufacturing sector, there was notable improvement in other areas like the financial sector, which grew by over 30%. Tinubu assured Nigerians that his administration remains committed to enhancing the welfare of the people and ensuring shared prosperity.
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