President Bola Tinubu has assured Nigerians of better economic prospects following the latest Gross Domestic Product (GDP) report by the National Bureau of Statistics (NBS), which indicates a 3.46% growth in the third quarter of 2024.
This marks an improvement from the 3.19% growth recorded in the second quarter.
The report reflects Nigeria’s recovery from the initial challenges posed by recent economic reforms, signaling progress toward Tinubu’s vision of a stronger economy and improved living standards for citizens.
Speaking on the development, Tinubu reiterated his administration’s commitment to achieving a $1 trillion economy by 2030. In a statement issued by his Special Adviser on Media and Public Communications, Sunday Dare, the President expressed optimism about the economy’s trajectory.
“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, it also highlights the substantial work ahead. 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 reforms in repositioning the economy and enhancing fiscal management. He noted that the upcoming rebasing of the economy in early 2025 would capture its dynamism and reflect significant changes across various sectors.
“This performance shows that the reforms embarked upon by my administration are beginning to yield fruits,” Tinubu added. “The proposed tax reforms demonstrate our resolve to reduce the tax burden on small businesses and promote equity. These reforms will address the headquarters effect, ensuring states benefit fairly regardless of where companies are headquartered.”
The President emphasized his administration’s commitment to improving the welfare of Nigerians and achieving shared prosperity. “My administration remains committed to ensuring that every Nigerian enjoys the benefits of a growing economy and that prosperity reaches even the poorest among us,” he stated.
The GDP growth, coupled with proposed tax reforms, reflects the government’s efforts to create a more inclusive and equitable economic framework while paving the way for sustainable development.
