President Bola Tinubu has expressed confidence that Nigeria’s economy is on the path to improvement following the release of the National Bureau of Statistics’ third-quarter Gross Domestic Product (GDP) report.

The data revealed that Nigeria’s GDP grew by 3.46%, an increase from the 3.19% recorded in the previous quarter, signaling a positive trend in the country’s economic recovery.

In his remarks, President Tinubu reiterated his commitment to achieving a $1 trillion economy by 2030, a promise he remains resolute in fulfilling.

He assured Nigerians that by early 2025, when the economy is rebased to reflect its evolving sectors and greater dynamism, significant improvements will be visible.

This, he said, will pave the way for the country to experience shared prosperity and economic stability.

The GDP growth of 3.46% is largely attributed to the performance of critical sectors, including Agriculture, Transport, Education, Health, Real Estate, Finance and Insurance, ICT, Trade, and Manufacturing.

These sectors played a vital role in driving the economy forward, demonstrating the positive impact of the reforms that have been implemented under President Tinubu’s administration.

The administration’s fiscal policies, including proposed tax reforms, are also expected to contribute to the economy’s growth.

The new tax regime aims to alleviate the financial burdens on small businesses and promote equity by ensuring a more even distribution of resources across regions.

This will help address the so-called “headquarters effect,” where states with corporate headquarters receive more benefits from taxes remitted nationwide.

President Tinubu mentioned the significance of the third-quarter GDP growth, noting that it exceeded expectations and is a testament to the positive direction in which the economy is headed.

However, he acknowledged that there is still much work to be done.

“While we welcome this development, the latest figures also remind us of the work that remains.

We won’t rest until Nigerians feel the positive impacts in their pockets and experience a better living standard,” he said.

The sectors that made the most significant contributions to GDP in the third quarter of 2024 include Agriculture, which accounted for 28.65%, ICT at 16.35%, Trade at 14.78%, Manufacturing at 8.21%, Crude Oil at 5.57%, Finance and Insurance at 5.51%, and Real Estate at 5.43%.

These figures show the diverse sources of economic growth and the importance of each sector in supporting Nigeria’s overall economic performance.