A marginal growth in Nigeria’s Gross Domestic Product, GDP, which grew by 3.46%, compared to the 3.19% recorded in the second quarter of this year has sent a wave of excitement among federal government officials.
The growth index released by the National Bureau of Statistics, NBS is also making the President Bola Tinubu feel excited even though price inflation has continued on basic goods and services.
The development has prompted the President to reassure Nigerians of better economic output as the economy continues to expand.
Sunday Dare, Special Adviser to the President (Media and Public Communications) in a statement on Monday, attributed the latest figures to Tinubu’s quest for a more robust boost in the economy.
According to Dare, the GDP growth translates to better standard of living for all Nigerians which is on course.
He said 3.46% growth indicates Nigeria is recovering from the reforms’ unintended effects.
The President also noted that his administration has not jettisoned its promise of a $1 trillion economy by 2030.
According to the presidency, once the economy is rebased by early 2025 to capture its dynamism and record significant changes that have occurred in different sectors, the country will be on its way to shared prosperity.
“The latest GDP growth in the third quarter is driven by key sectors such as Agriculture, Transport, Education, Health, Real Estate, Finance and Insurance, ICT, Trade, and Manufacturing.
“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 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,” the statement added.
Tinubu 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. 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%”.
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