Tinubu hopeful as Nigeria’s GDP grows by 3.46% in Q3

From Juliana Taiwo-Obalonye, Abuja

President Bola Tinubu has expressed confidence in Nigeria’s economic trajectory following the release of the third quarter Gross Domestic Product (GDP) report by the National Bureau of Statistics (NBS), which showed a year-on-year growth of 3.46 percent.

The figure marks an improvement from the 3.19 percent recorded in the previous quarter and a significant rise from 2.54 percent in Q3 2023.

According to a statement by Special Adviser on Media and Public Communications, Sunday Dare, Tinubu noted that the growth is largely attributed to the services sector, which expanded by 5.19 percent and contributed over half of the GDP, reflecting ongoing reforms aimed at economic diversification. The oil sector also rebounded, growing by 5.17 percent, with average daily production rising to 1.47 million barrels per day.

He reiterated his administration’s commitment to achieving a $1 trillion economy by 2030, emphasising that upcoming economic rebasing in early 2025 will better capture the country’s dynamic changes across various sectors.

He acknowledged that while the growth figures are encouraging, more work is needed to enhance living standards for Nigerians.

Key sectors driving this growth include Agriculture, Trade, and ICT, with Agriculture growing by 1.14 percent and Trade contributing significantly at 14.78 percent. The administration’s proposed tax reforms aim to alleviate burdens on small businesses and promote equitable distribution of resources across regions.

In his statement, Tinubu noted, “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.”

The top contributing sectors to GDP in Q3 2024 are Agriculture  28.65 percent, ICT  16.35 percent, Trade  14.78 percent, Manufacturing 8.21 percent, Crude Oil 5.57 percent, Finance & Insurance 5.51 percent and  Real Estate 5.43 percent.