President Bola Tinubu has expressed optimism that Nigeria is on course to becoming a $1tn economy by 2030. This assertion is based on the recent GDP growth of 3.46% in the third quarter of 2024, as reported by the National Bureau of Statistics.
According to the NBS report, Nigeria’s Gross Domestic Product grew by 3.46% in the third quarter, surpassing the 3.19% growth recorded in the second quarter. The top contributing sectors to GDP in Q3 2024 include:
- Agriculture: 28.65%
- ICT: 16.35%
- Trade: 14.78%
- Manufacturing: 8.21%
- Crude Oil: 5.57%
- Finance & Insurance: 5.51%
- Real Estate: 5.43%
President Tinubu attributed the growth to his administration’s reforms, which are beginning to yield fruits. He assured Nigerians that his administration remains committed to the welfare of the people and will continue to work towards achieving a better standard of living for all.
The President also noted that the proposed tax reforms aim to reduce the tax burden on small businesses and promote equity by reducing the “headquarters effect” in favour of spatial and demographic equity.
With the economy expected to be rebased by early 2025, President Tinubu expressed confidence that Nigeria is on its way to shared prosperity and achieving its goal of becoming a $1tn economy by 2030.
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