News
Tinubu Optimistic About Nigeria’s Economic Future as GDP Grows by 3.46% in Third Quarter
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.
People Power Party (PPP) leader Kweon Seong-dong urged Han to continue leading state affairs despite his impeachment, but Han stated he respects parliament’s decision and awaits the Constitutional Court’s ruling.
Opposition lawmakers accused Han of avoiding an insurrection probe and rejecting judicial appointments, actions they claim violate his duties. Finance Minister Choi Sang-mok, now acting president, warned the impeachment could harm the economy.
The Constitutional Court, operating with six of nine seats filled, will decide the validity of the impeachments.
Meanwhile, the crisis has shaken investor confidence, with the South Korean won hitting a 16-year low, and authorities intensifying investigations into the martial law declaration.
Troops of 6 Brigade Nigerian Army/Sector 3 Operation Whirl Stroke (OPWS) have arrested a suspected kidnapper and a Boko Haram terrorist in Taraba State, recovering weapons during their operations.
Acting Assistant Director of 6 Brigade Army Public Relations, Captain Olubodunde Oni, revealed in a statement on Friday, December 27, 2024, that Musa Suito, a member of a vigilante group, was arrested for his involvement in the kidnapping of a district head in Jalingo.
Suito allegedly exploited his role to identify potential targets for kidnappers. Items recovered from him included a Dane gun and two cartridges.
In a separate operation, troops arrested a suspected Boko Haram terrorist, Nura Yakubu, in Bali Local Government Area. Yakubu, who worked as a food vendor, was accused of harbouring terrorists and aiding the kidnapping of a businessman, Mr. Arinze.
The army emphasized its commitment to ensuring security in the region and urged the public to remain vigilant and provide credible information to security agencies to combat criminal activities.
The Governor of Bauchi State has called on President Bola Tinubu to revisit current economic policies, arguing that they lack widespread support among Nigerians.
Speaking during a Christmas Day event in Bauchi on December 26, the governor urged the presidency to prioritize the grievances of the masses over pride.
“We are calling on the presidency and the federal government to change their style. Whenever a policy is not popular, they should listen to the people and not assume that whatever they say must stand. This is not a military rule but a democracy,” he said.
He also emphasized the importance of unity across political divides to tackle Nigeria’s economic challenges. “There is a lot of hardship.
We must work together across party lines and government tiers to provide relief for Nigerians. Leadership is not about ego; it’s about listening and making necessary changes,” the governor added.
His comments come amid widespread criticism of President Tinubu’s economic policies, which many claim have worsened the struggles faced by Nigerians.
South Korea Faces Political and Economic Crisis Over Impeachment
Troops Arrest Kidnapper, Boko Haram Suspect, Recover Weapons in Taraba
Bauchi Governor Urges Tinubu to Reconsider Unpopular Economic Policies
AI Avatar Design: A Low-Competition Fiverr Keyword for New Freelancers
Adeleke’s Aide, Olubi, Highlights Importance Of Nigeria’s Fashion Industry
“Egg Prices Could Soar to N10,000 per Crate” – Poultry Farmers Warn
Video- Ariana Grande Celebrates 10 Years of ‘Santa Tell Me’ with a Performance
Video- African Artists: Tems, Ayra Starr, Rema, Tyla & Crayon Party in Lagos
Watch Video-Nigerian Skit Maker, Kamo Gets Married To Fiancee, Esther Olamide
-
Politics8 hours agoSouth Korean Lawmakers Impeach Acting President Han Duck-soo Over Martial Law Involvement
-
Business9 hours agoTop 10 Essential Skills You Need to Thrive in 2025 and Beyond in an Ever-changing World
-
Entertainment11 hours agoActor Emmanuel Ehumadu Gifts Himself a House for Christmas
-
Business8 hours ago“We Invested Over $20 Billion In This Refinery” – Dangote on Petrol Price Cut
-
News9 hours agoNigeria Rejects Niger Leader’s Claims of Plotting with France to Destabilize the Country
-
News9 hours agoAtiku Abubakar Mourns with Governor Namadi Over Loss of Son and Mother
-
Sport9 hours ago“Let’s Do It” – Salah Urges Liverpool to Stay Focused in Premier League Title Race
-
News8 hours agoPeter Obi Extends Heartfelt Condolences to Jigawa Governor Over Tragic Losses