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President Bola Tinubu, in a statement made yesterday, voiced his excitement over the latest National Bureau of Statistics report. The data confirmed that the nation’s economy recorded significant growth in the third quarter, outpacing earlier expectations and showing better results than the previous quarter.
In its latest analysis released yesterday, the National Bureau of Statistics reported a 3.46 percent growth in the annual GDP for the third quarter of 2024. This growth represents a marginal increase of 0.19 percentage points from the second quarter’s 3.16 percent and a more substantial rise of 0.92 percentage points compared to the 2.54 percent recorded in Q3 2023.
The report further showed a 1.0 percentage point reduction in the unemployment rate, dropping from 5.3 percent in the first quarter to 4.3 percent in the second quarter of 2024. This marks a significant improvement in employment conditions, reflecting a positive trend for the economy.
Welcoming the positive news, President Tinubu emphasized that although the latest figures were a step in the right direction, the road ahead remained long. He vowed that his government would not relent in its efforts until Nigerians experience real economic improvements that translate into better living standards and more financial security.
In light of the third-quarter GDP data released by the NBS, President Tinubu guaranteed Nigerians that the country’s economic growth would persist, bringing about better financial results for the nation.
According to the NBS, Nigeria’s GDP grew by 3.46 percent, compared to the 3.19 percent growth recorded in the second quarter.
A statement by Special Adviser to the President on Media and Public Communications, Sunday Dare stated that the growth in GDP showed 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.
Read also: Nigeria’s GDP Rose By 3.46% In Third Quarter Of 2024 – NBS
The statement said: “The 3.46 percent growth indicates Nigeria is recovering from the reforms’ unintended effects.
“President Tinubu said his administration has not and will never forget his promise of a $1 trillion economy by 2030.
“He 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 country will be on its way to shared prosperity.”
The statement explained that the latest GDP growth in the third quarter was 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,” it said.
It added: “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.
“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 Q3 2024 GDP breakdown showed Agriculture at the forefront with 28.65 percent, ICT contributing 16.35 percent, Trade 14.78 percent, Manufacturing 8.21 percent, Crude Oil 5.57 percent, Finance & Insurance 5.51 percent, and Real Estate 5.43 percent as the key sectors driving economic growth.