KEY POINTS
- Tinubu reiterates Nigeria’s goal of a $1 trillion economy by 2030.
- Agriculture, ICT, and Trade lead Q3 2024 GDP growth contributions.
- Tax reforms target fairness and prosperity for small businesses.
Nigeria is on course to achieve a $1 trillion economy by 2030, President Bola Tinubu announced Monday, citing a 3.46% GDP growth recorded in the third quarter of 2024.
The National Bureau of Statistics (NBS) revealed in its Q3 report that the country’s Gross Domestic Product increased from the 3.19% growth in Q2 2024. Key contributors to this expansion included Agriculture (28.65%), ICT (16.35%), and Trade (14.78%), alongside other sectors such as Manufacturing and Real Estate.
Tinubu affirms $1 trillion economy goal backed by GDP growth
In a statement issued by his Special Adviser on Media and Public Communications, Sunday Dare, President Tinubu highlighted the GDP growth as evidence of recovery from the unintended effects of economic reforms.
“The growth in GDP shows that President Tinubu’s quest for a more robust economy and, by extension, a better standard of living for all Nigerians is on course,” Dare stated.
President Tinubu reiterated his administration’s $1 trillion economy goal by 2030, adding that rebasing the economy in 2025 will reflect significant structural changes across various sectors.
Key sectors driving Nigeria’s economic expansion in Q3 2024
The Punch reported that, NBS report outlined agriculture, ICT, and trade as the top contributors to GDP growth, with agriculture accounting for 28.65% of the total. Other drivers included manufacturing, finance and insurance, and real estate.
Tinubu expressed optimism about these gains but acknowledged the need for more efforts to ensure all Nigerians feel the benefits.
“While I welcome this development, the latest figure also shows the much work that needs to be done. My administration remains committed to the welfare of our people,” Tinubu said.
Proposed tax reforms aim to spur equitable growth nationwide
The President also emphasized that reforms in the tax regime are part of broader fiscal management strategies to reduce the tax burden on small businesses and create a fairer economic landscape.
“The new tax regime seeks to promote equity by reducing the ‘headquarters effect,’ ensuring taxes benefit all regions rather than just states where company headquarters are located,” Tinubu explained.
These changes are designed to spread prosperity more evenly, targeting small businesses and underserved regions while bolstering the government’s fiscal position.
President Tinubu concluded by reaffirming his administration’s commitment to sustainable economic growth and improved living standards for Nigerians, underscoring that the reforms are already beginning to bear fruit.
