President Bola Ahmed Tinubu is excited by the National Bureau of Statistics (NBS) third quarter report.
The recent report puts the Gross Domestic Product (GDP) growth at 3.46%, higher than the 3.19% of the second quarter (Q2).
Experts yesterday expressed optimism on the figures, which show clearly that the non-oil sector with a 94.9 per cent contribution is the driver of GDP growth.
They said the development is indicative of gradual results from the bold reforms of the Federal Government.
The GDP is a monetary measure of the market value of all the final goods and services produced and rendered in a specific period by a country.
President Tinubu’s excitement was made known in a statement by his Special Adviser on Media and Public Communications, Sunday Dare, after the Nigerian Bureau of Statistics (NBS) released the Q3 figures.
He quoted the President as saying: “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.
He added: “My administration has not and will never forget its promise of a $1 trillion economy by 2030.
“The top contributing sectors to GDP in Q3 2024 are Agriculture 28.65%, ICT 16.35%, Trade 14.78%, Manufacturing 8.21%, Crude Oil 5.57%, Finance and Insurance 5.51% and Real Estate 5.43%.
“The 3.46% growth indicates Nigeria is recovering from the reforms’ unintended effects.
“The latest GDP growth in the third quarter is 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.
“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.”
