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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.
The Academic Staff Union of Universities (ASUU) has reportedly declared a strike at Taraba State University over outstanding salary-related demands and delays in payments.
The strike is scheduled to begin today, October 12, 2026. According to the union’s chairman, the union had been engaging the Taraba State Government over its outstanding demands since February 2026.
“The union had exercised considerable patience and demonstrated its commitment to dialogue since February 2026, when it began engaging the Taraba State Government over the outstanding issues,” Mbave said.
“The union had earlier suspended its planned industrial action following an appeal by the government for additional time through the Office of the Head of Civil Service, in the interest of maintaining industrial harmony,” the chairman added.
The Chairman of Gboko Local Government Area of Benue State, Torseer Yina, has imposed a dusk-to-dawn curfew in the ancient town.
The curfew takes effect from Thursday, October 8, 2026, following unrest and violent protests in the area.
According to reports, the action was taken to contain the unrest and violent protests by members of BEMOA following the death of one of its members by unknown gunmen.
The protest, which was reportedly hijacked by hoodlums, turned violent after an angry mob burnt two vehicles belonging to the Benue State Civil Protection Guards.
The Gboko council chairman said the curfew takes effect immediately and warned that anyone caught flouting the order or breaching public peace would be decisively dealt with.
Nine people have died in a fatal road crash along the Ijebu-Ode-Benin Expressway in Ogun State.
The crash occurred on Monday at about 4:55pm around the Bethel area along the Ijebu-Ode/Ore axis of the expressway. It involved a white Toyota Hiace commercial bus belonging to Delta Line and a white Sino truck operated by Bill Gas Solution Ltd.
According to the Federal Road Safety Corps (FRSC), all nine people involved in the crash, comprising three males and six females, died in the incident.
The FRSC said the crash occurred while it was raining and the road was wet, with preliminary investigations identifying speed violation as the probable cause.
The FRSC rescue team arrived at the scene shortly after receiving the report, while the bodies of the victims were taken to the General Hospital Morgue in Ijebu-Ode.
The Ogun State Sector Commander, Oludare Ogunjobi, urged motorists, especially commercial drivers, to obey speed limits and exercise extra caution when driving in the rain.
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