Nigeria’s economy is on the rise, with President Bola Tinubu reaffirming his goal of making the country a $1 trillion economy by 2030. Recent data from the National Bureau of Statistics (NBS) shows that the Gross Domestic Product (GDP) grew by 3.46% in the third quarter of 2024, an improvement from the 3.19% recorded in the previous quarter.
This growth was driven by key sectors such as Agriculture, which contributed 28.65%, Information and Communications Technology (16.35%), and Trade (14.78%). Other significant contributors included Manufacturing (8.21%), Crude Oil (5.57%), Finance & Insurance (5.51%), and Real Estate (5.43%).
In a statement, Tinubu expressed optimism about the economy’s progress, crediting the reforms his administration has implemented. He acknowledged the unintended effects of these reforms but emphasized their long-term benefits. “Our economy is recovering, and we are laying a solid foundation for a brighter future,” Tinubu said.
To further support economic growth, the government plans to rebase the economy by early 2025. This process will capture the significant changes in various industries and reflect the nation’s economic dynamism. Tinubu also highlighted ongoing tax reforms designed to ease the burden on small businesses and ensure fairer distribution of tax revenues across the country.
While celebrating the third-quarter performance, Tinubu urged Nigerians to remain patient and optimistic. “We won’t rest until every Nigerian feels the positive impacts of these reforms in their daily lives,” he said.
As Nigeria builds toward its 2030 target, the President assured citizens of his administration’s unwavering commitment to improving living standards and achieving shared prosperity for all.
Nigeria’s GDP grew by 3.46% in Q3 2024, led by Agriculture, ICT, and Trade.
President Tinubu remains focused on the goal of a $1 trillion economy by 2030.
Ongoing reforms aim to promote fairness, reduce small business tax burdens, and support equitable growth.
Nigeria’s journey toward economic transformation continues, driven by strategic reforms and visionary leadership.
