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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.
It was reported that former Nigerian president Goodluck Jonathan has allegedly purchased a presidential candidate form for the 2027 elections.
It can be noted that Jonathan served as Nigeria’s president from 2010 to 2015.
This information was revealed by Sani Useni, a special assistant who made the claim. Many reacted to the news, with some expressing interest in seeing Jonathan return to power after staying relatively quiet politically since his administration ended.
However, Jonathan has not yet addressed the public or officially shared any presidential ambition.
The Christian Association of Nigeria (CAN) has reacted to the recent abduction incident in Oyo State.
It can be recalled that schools were attacked by armed men, with some teachers and students reportedly taken. Some people were also killed during the attack.
CAN cried out on behalf of the public, stating “It is intolerable, disgraceful and utterly unacceptable that Nigerian children can no longer sit safely in classrooms without the fear of being kidnapped by armed gangs.”
The organisation also stated that Nigerians are tired of constantly mourning and questioning when something will finally be done to stop the violence.
The Governor of Oyo State, Seyi Makinde, has revealed that seven teachers were abducted following a recent attack on a school in the state.
It was also shared that the number of students taken is still being investigated.
The governor further revealed that some people were killed during the attack and abduction.
He also added “With the pressure on the terrorists and the bandits in the North-West, they will keep moving southward.”
“When you have pressure in one place, we must be prepared on this side to either repel or neutralise any terrorists fleeing the pressure points.”
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