In a statement of hope, President Bola Ahmed Tinubu assured Nigerians of his commitment to ensuring his government’s economic strategies produce real advantages for all citizens. After the National Bureau of Statistics (NBS) released the latest third-quarter Gross Domestic Product (GDP) report, Tinubu conveyed his belief that Nigeria is making progress toward economic revitalisation. The NBS findings indicated a GDP growth rate of 3.46% in Q3, which represents a significant rise from the 3.19% noted in the earlier quarter, showcasing encouraging growth in the economic landscape.
The consistent expansion of the Economy is regarded as proof of the Tinubu administration’s persistent initiatives to foster a more robust economy and improve the quality of life for Nigerians. Tinubu, in a statement through his Special Adviser on Media and Communications, Sunday Dare, reaffirmed his dedication to sustainable Economic Stability and advancement. He emphasised his bold goal of achieving a $1 trillion economy by 2030 and assured citizens that his administration is tirelessly focused on establishing a foundation for collective wealth.
Agriculture, ICT, and other sectors have seen significant growth.
Also, the Economic Growth observed in the third quarter can be primarily linked to a number of vital sectors that have played a crucial role in promoting development. Agriculture was the frontrunner, adding 28.65% to the GDP, while Information and Communication Technology (ICT) followed with 16.35%, and Trade contributed 14.78%. Additional important sectors encompass Manufacturing (8.21%), Finance and Insurance (5.51%), Crude Oil (5.57%) and Real Estate (5.43%). The varied inputs from these sectors illustrate the extensive effect of the economic initiatives designed to enhance several facets of the economy.
President Tinubu pointed out that these achievements mark only the initial phase, stressing that the reforms implemented by his administration are beginning to show favourable results. He mentioned that the recent GDP growth data is a definitive indication that Nigeria is gradually bouncing back from the unforeseen effects of earlier reforms, which were essential for revitalising the economy. He is excited by the recent update from the National Bureau of Statistics indicating that the economy expanded in the third quarter, exceeding both last quarter’s growth and forecasts.
Nigerians’ finances and improved quality of life will be improved.
Their commitment is to ensure that Nigerians truly feel the benefits of their finances and enjoy an improved quality of life. An essential element of Tinubu’s economic strategy involves the imminent Tax reforms designed to promote fairness in the economy and lighten the tax load for small enterprises. The updated Taxation framework aims to distribute economic benefits more fairly among various states, promoting a wider sharing of wealth within Nigeria’s varied communities. The government’s extensive approach encompasses initiatives to overhaul Nigeria’s economy by the beginning of 2025, a step anticipated to showcase the nation’s economic vibrancy and highlight notable changes across diverse sectors.
This restructuring aligns with the commitment to deliver a more precise view of Nigeria’s economic framework and enhance the monitoring of advancements toward his administration’s objectives. Tinubu emphasises that this action is vital for shaping upcoming policies and reaching the $1 trillion economic goal by the year 2030. His administration has prioritised economic reforms aimed at enhancing fiscal responsibility and optimising public expenditure. Recent GDP statistics, influenced by areas like Agriculture, ICT, Education, Health, and Real Estate, indicate that these changes are starting to establish a foundation.
Related Article: Tinubu share positive outlook on the economy
Even with encouraging figures, he recognized that significant effort is still required to turn economic indicators into tangible benefits for the citizens of Nigeria. He emphasised the necessity of maintaining progress in critical sectors like employment generation, Infrastructure enhancement, and Poverty reduction. Our commitment to the well-being of our populace remains steadfast. This government focuses not just on statistics but on making sure that beneficial changes impact local communities and enhance the lives of our people, he stated.