By Ajibola Olaide, JKNewsMedia Reporter
NIGERIA’s ECONOMY recorded a significant expansion in the third quarter of 2024, as the Gross Domestic Product (GDP) grew by 3.46%, surpassing the 3.19% growth achieved in the second quarter.
This improvement reflects progress in President Bola Tinubu’s economic reforms, aimed at driving fiscal management, stimulating growth, and improving the living standards of Nigerians.
Key sectors driving the growth include Agriculture (28.65%), ICT (16.35%), Trade (14.78%), Manufacturing (8.21%), Crude Oil (5.57%), Finance and Insurance (5.51%), and Real Estate (5.43%).
These figures highlight the increasing contributions of diverse industries to Nigeria’s economic recovery.
The National Bureau of Statistics (NBS) report indicates that the reforms, though challenging initially, are beginning to show positive effects.
The Tinubu administration has also committed to rebasing the economy by early 2025, aiming for a $1 trillion economy by 2030.
In a statement, Sunday Dare, the President’s Special Adviser on Media and Public Communications, outlined how proposed tax reforms will address inequalities.
The new tax regime seeks to redistribute resources equitably, reducing the concentration of benefits in states hosting corporate headquarters.
President Tinubu expressed optimism about the GDP growth while acknowledging the need for further work. “This progress shows promise, but we must ensure Nigerians feel the impact in their pockets.
“My administration remains committed to delivering a better standard of living,” he said.
The positive trajectory underscores the administration’s efforts to strengthen economic resilience and foster sustainable development across all sectors.
