- Says It Shows Nigeria Recovering From Reforms Unintended Effects
- We Won’t Rest Until Nigerians Feel Positive Impacts In Their Pockets
- Latest Figure Also Shows Much Work Still Needs To Be Done
Bola Tinubu, Monday, November 25, 2024 expressed excitement over the third-quarter growth in Nigeria’s Gross Domestic Product (GDP) statistics as revealed by the National Bureau of Statistics (NBS).
The Matrix reports that on Monday, according to the report Nigeria’s Gross Domestic Product (GDP), the tool used to measure the growth of the economy grew by 3.46 per cent in real terms in the third quarter (Q3) of 2024 on a year-on-year basis.
According to the report on Monday published by the NBS, it showed that the growth represents a 3.19 per cent increase from the one recorded in Q2 2024.
“Nigeria’s Gross Domestic Product (GDP) grew by 3.46% (year-on-year) in real terms in the third quarter of 2024,” the NBS said. “This growth rate is higher than the 2.54% recorded in the third quarter of 2023 and higher than the second quarter of 2024 growth of 3.19%.”
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“In the quarter under review, aggregate GDP at basic price stood at N71,131,091.07 million in nominal terms,” the report read.
“This performance is higher when compared to the third quarter of 2023 which recorded an aggregate GDP of N60,658,600.37 million, indicating a year-on-year nominal growth of 17.26%.”
The NBS said the growth in the GDP was driven mainly by the services sector. It said the sector had a growth rate of 5.19 per cent and contributed 53.58 percent to the aggregate GDP, underscoring its increasing importance to the country’s economy.
“The agriculture sector grew by 1.14%, from the growth of 1.30% recorded in the third quarter of 2023,” the NBS said.
“The growth of the industry sector was 2.18%, an improvement from 0.46% recorded in the third quarter of 2023.
“In terms of share of the GDP, the services sector contributed more to the aggregate GDP in the third quarter of 2024 compared to the corresponding quarter of 2023.”
The NBS said in the quarter under review, Nigeria had an average daily oil production of 1.47 million barrels per day (mbpd), higher than the daily average production of 1.45 mbpd recorded in the same quarter of 2023 by 0.02 mbpd and higher than the second quarter of 2024 production volume of 1.41 mbpd by 0.07mbpd”.
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“The real growth of the oil sector was 5.17% (year-on-year) in Q3 2024, indicating an increase of 6.02% points relative to the rate recorded in the corresponding quarter of 2023 (-0.85%),” the report read.
However the non-oil sector grew by 3.37% in real terms during the reference quarter (Q3 2024).
“This rate was higher by 0.62% compared to the rate recorded in the same quarter of 2023 which was 2.75% and higher than the 2.80% recorded in the second quarter of 2024,” the NBS added.
Reacting to the development, President Tinubu expressed excitement about the growth noting that it is even beyond projected estimations.
Hear him; “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,” President Tinubu said.
”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.”
This was disclosed in a statement by Special Adviser to the President (Media and Public Communications, Sunday Dare, where he detailed that President Tinubu was focused on providing a better living standard for Nigerians
”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,” the statement read.
Mr Dare also stated that reforms embarked upon by his principal have started to materialise and more should be expected from the present administration.
”President Tinubu said his administration has not and will never forget his promise of a $1 trillion economy by 2030. He 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 Agriculture, Transport, Education, Health, Real Estate, Finance and Insurance, ICT, Trade, and 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.”
”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.”
”The top contributing sectors to GDP in Q3 2024 are Agriculture 28.65%, ICT 16.35%, Trade 14.78%, Manufacturing 8.21%, Crude Oil 5.57%, Finance & Insurance 5.51% and Real Estate 5.43%.”
