President Bola Tinubu has expressed optimism over Nigeria’s 3.46% GDP growth in the third quarter of 2024, describing it as a sign of recovery and economic progress under his administration.
The growth, announced by the National Bureau of Statistics (NBS), reflects an improvement from the 2.54% recorded in the same period last year and surpasses the 3.19% seen in the second quarter of 2024.
The NBS attributed the growth to the strong performance of the services sector, which grew by 5.19% and contributed 53.58% to the aggregate GDP.
In a statement released by his Special Adviser on Media and Public Communications, Sunday Dare, President Tinubu linked the economic progress to his government’s reforms aimed at boosting fiscal management and ensuring a better standard of living for Nigerians.
“The 3.46% growth indicates Nigeria is recovering from the unintended effects of our economic reforms,” the president stated.
He emphasized that his administration remains committed to achieving its ambitious target of building a $1 trillion economy by 2030.
Reforms Driving Growth
The president highlighted key sectors that fueled the growth, including agriculture, ICT, trade, manufacturing, real estate, finance, and insurance.
“Agriculture contributed 28.65%, ICT 16.35%, and trade 14.78%, among others. These figures reflect the dynamism and resilience of our economy despite challenges,” the statement read.
Tinubu also assured Nigerians that proposed tax reforms would ease the burden on small businesses and promote equity across the country.
“Our new tax regime aims to address the ‘headquarters effect,’ ensuring fairness in how tax benefits are distributed across states,” he said.
The reforms, he added, are designed to foster inclusivity and spread prosperity to the poor, marking a significant shift in fiscal policy.
Promise of Shared Prosperity
President Tinubu reiterated his administration’s commitment to ensuring that economic growth translates into tangible benefits for Nigerians.
“We won’t rest until Nigerians feel the positive impacts in their pockets and experience a better living standard,” he declared.
He acknowledged the challenges faced by the country and stressed the importance of sustained efforts to address them.
“The GDP growth is encouraging, but it also reminds us of the work that lies ahead. My administration is steadfast in its mission to create a better Nigeria for all,” he added.
Tinubu also pointed out that the rebasing of the economy, expected in early 2025, would further capture the significant changes in various sectors and pave the way for shared prosperity.
Skepticism from Critics
While the government celebrates the GDP growth, some Nigerians remain skeptical, questioning when the economic recovery will translate into improved living conditions.
Critics have pointed out that inflation, high fuel costs, and naira devaluation continue to strain the average Nigerian’s purchasing power.
The president’s assurance that “Nigerians will soon feel the positive impacts in their pockets” has been met with mixed reactions.
Economists have cautioned against relying solely on GDP growth as an indicator of economic well-being, emphasizing the need for policies that directly address poverty, unemployment, and high living costs.
A Vision for 2030
Despite the skepticism, Tinubu remains focused on his long-term vision for Nigeria.
“Our goal of a $1 trillion economy by 2030 is within reach if we stay the course,” the president said.
He called for unity and collaboration among all stakeholders to achieve sustainable growth and improve the quality of life for Nigerians.
“As we work toward shared prosperity, we must recognize that economic growth is not just about numbers but about real improvements in the lives of our people,” he stated.
