Nigeria’s GDP Growth Signals Economic Recovery, Tinubu Assures Shared Prosperity
President Bola Tinubu has expressed optimism about Nigeria’s economic trajectory following the recently released third-quarter Gross Domestic Product (GDP) report by the National Bureau of Statistics (NBS). The report shows that the economy grew by 3.46%, up from 3.19% in the second quarter, signaling progress in the administration’s economic reforms.
The GDP growth reflects Tinubu’s ongoing efforts to stabilize and revitalize the economy, which had faced challenges from reform-induced disruptions. Speaking through his Special Adviser on Media and Public Communications, Sunday Dare, Tinubu reiterated his commitment to transforming Nigeria into a $1 trillion economy by 2030.
Reforms Gaining Traction
President Tinubu emphasized that the latest GDP growth is an encouraging indicator of the reforms’ effectiveness. These reforms aim to reposition the economy and foster better fiscal management, with tangible benefits expected to manifest more broadly in the coming months.
“This performance shows that the reforms embarked upon by my administration are beginning to yield fruits,” Tinubu said.
The President also highlighted the upcoming rebasing of Nigeria’s economy by early 2025, which will provide a more accurate representation of the country’s economic dynamism and structural changes.
Focus on Welfare and Tax Reforms
Tinubu assured Nigerians that his administration remains committed to improving living standards, with policies designed to reduce the financial burden on small businesses and ensure wealth distribution across all regions.
“We won’t rest until Nigerians feel the positive impacts in their pockets and experience a better living standard,” he added.
The proposed tax reforms under Tinubu’s administration aim to address longstanding inequities, including the “headquarters effect,” which disproportionately benefits states hosting corporate headquarters. The reforms seek to promote fairness and equitable economic growth across the country.
A Vision for 2030
President Tinubu reaffirmed his administration’s resolve to deliver a $1 trillion economy by 2030. He noted that Nigeria is on track to shared prosperity as his government continues to implement policies aimed at economic expansion and inclusive development.