Market News

President Bola Tinubu, on Monday, hailed Nigeria’s 3rd quarter 3.46 percent gross domestic product (GDP) growth rate, describing the performance as a sign of economic recovery.

The President, who was reacting to the latest statistics from the National Bureau of Statistics (NBS), assured Nigerians of better economic output as the economy continues to expand.

Sunday Dare, special adviser to the President on media and public communications, in a statement, noted that the growth in GDP shows that President Tinubu’s quest for a more robust boost in the economy and, by extension, a better standard of living for all Nigerians is on course.

“The 3.46% growth indicates Nigeria is recovering from the reforms’ unintended effects.”

President Tinubu said his administration has not and will never forget his promise of a $1 trillion economy by 2030.

He also assured that once the economy is rebased by early 2025 to capture its dynamism and record significant changes that have occurred in different sectors, the country will be on its way to shared prosperity.

The latest GDP growth in the third quarter is driven by key sectors such as services, agriculture, transport, education, health, real estate, finance and insurance, ICT, trade, and M=manufacturing.

“This performance once again shows that the reforms embarked upon by the Tinubu administration to reposition the economy and ensure better fiscal management are beginning to yield fruits.”

He noted that the proposed tax reforms also indicate the administration’s resolve to reduce the tax burden on small businesses and spread prosperity to the poor.

“The new Tax regime seeks to promote equity by reducing what is known as the headquarters effect—a situation where states where company headquarters are based get more benefits because their taxes for the whole nation are remitted—in favour of spatial and demographic equity.”

According to the statement, President Tinubu said, “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.”