Tinubu pledges improved economic growth as Nigeria’s GDP rises to 3.46%

President Bola Tinubu has expressed optimism about Nigeria’s economic trajectory following the latest Gross Domestic Product (GDP) report released by the National Bureau of Statistics (NBS).

The report revealed a GDP growth of 3.46% in the third quarter of 2024, a slight increase from the 3.19% recorded in the previous quarter. This marks steady progress in Nigeria’s economic recovery and is seen as a sign that the government’s reforms are beginning to yield positive outcomes.

Speaking on the development, President Tinubu reiterated his commitment to achieving a $1 trillion economy by 2030. He assured Nigerians that his administration remains focused on driving economic reforms that will enhance living standards and create more opportunities for growth.

“This GDP growth underscores our resolve to build a more robust economy,” Tinubu said, emphasizing that the government is working diligently to address the unintended effects of recent reforms.

In a statement issued by his Special Adviser on Media and Public Communications, Sunday Dare, the President 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 president 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.

“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.”