Tinubu reacts to Nigeria’s 3.46% GDP development in Q3 2024, targets shared prosperity from 2025 

President Bola Tinubu has reacted to the newly launched third-quarter gross home product report by the Nationwide Bureau of Statistics (NBS), saying the nation might be on its method to “shared prosperity” from 2025.

The presidency, in a press release on Monday, assured Nigerians of higher financial output because the economic system continues to develop following the NBS report, which acknowledged that Nigeria’s GDP grew by 3.46%, in comparison with the three.19% development recorded within the second quarter of 2024.

Tinubu’s response to the NBS report 

• In accordance with the presidency, the expansion in GDP reveals that President Bola Tinubu’s quest for a extra sturdy increase within the economic system and, by extension, a greater lifestyle for all Nigerians is heading in the right direction.

“The three.46% development signifies Nigeria is recovering from the reforms’ unintended results.

“President Bola Tinubu mentioned his administration has not and can always remember his promise of a $1 trillion economic system by 2030.

“He assured that after the economic system is rebased by early 2025 to seize its dynamism and report important modifications which have occurred in several sectors, the nation might be on its method to shared prosperity,” the assertion partly reads.

Extra insights 

• The presidency additional acknowledged that the efficiency reveals that the reforms embarked upon by the Tinubu administration to reposition the economic system and guarantee higher fiscal administration are starting to yield fruits.
• The assertion added that the proposed tax reforms additionally point out the administration’s resolve to cut back the tax burden on small companies and unfold prosperity to the poor.

“The brand new tax regime seeks to advertise fairness by decreasing what is called the headquarters impact—a scenario the place states, the place firm headquarters are based mostly, get extra advantages as a result of their taxes for the entire nation are remitted—in favour of spatial and demographic fairness,” the assertion added. 

• President Bola Tinubu expressed pleasure by the most recent report from the NBS that the economic system grew within the third quarter greater than final quarter and even past projected estimates.
• Whereas he welcomed the event, Tinubu burdened that the most recent determine additionally reveals the a lot work that must be executed.

“We gained’t relaxation till Nigerians really feel the optimistic impacts of their pockets and expertise a greater dwelling normal. My administration stays dedicated to the welfare of our folks,” Tinubu was quoted as saying. 

What it is best to know 

• Nairametrics earlier reported that Nigeria’s Gross Home Product (GDP) grew by 3.46% year-on-year in actual phrases throughout the third quarter of 2024, in keeping with the most recent report from the NBS.
• This marks a notable enhance from the two.54% development recorded within the corresponding interval of 2023 and an enchancment from the three.19% development noticed within the second quarter of 2024.
• The expansion in Q3 2024 was primarily pushed by the companies sector, which expanded by 5.19% and accounted for 53.58% of the combination GDP.
• The highest contributing sectors to GDP in Q3 2024 are Agriculture 28.65%, ICT 16.35%, Commerce 14.78%, Manufacturing 8.21%, Crude Oil 5.57%, Finance & Insurance coverage 5.51%, and Actual Property 5.43%.
• The newest GDP development within the third quarter is pushed by key sectors akin to agriculture, transport, schooling, well being, actual property, finance and insurance coverage, ICT, commerce, and manufacturing.