3.46% GDP Growth Fuels Tinubu’s Vision For Nigeria To Become $1 Trillion Economy By 2030

President Bola Tinubu has said that Nigeria will become a $1 trillion economy by 2030, based on recent data by National Bureau of Statistics (NBS), which showed a 3.46% GDP growth for the third quarter of 2024, compared to 3.19% in the second quarter.

President's Special Adviser on Media and Public Communications Sunday Dare said Monday, "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," as per the official statement issued on X.

The main sectors driving GDP growth in the third quarter were 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%).

Dare mentioned that Tinubu assured the country will see massive growth once the economy was rebased by early 2025. This will better reflect the country's progress and changes in various sectors, helping Nigeria move toward shared prosperity.

Tinubu expressed excitement about the latest report from the NBS, showing that the economy grew in the third quarter more than the previous one and exceeded expectations. While welcoming this progress, he acknowledged that there was still much work to be done.

He noted that his administration will continue working hard to ensure Nigerians feel the positive effects in their daily lives and experience improved living standards.

The president said that the recent economic performance showed that the reforms introduced by his administration were starting to produce positive results in improving the economy and managing finances better.

He also pointed out that the proposed tax reforms demonstrate the government's commitment to easing the tax burden on small businesses and helping to spread prosperity to poorer communities.

Tinubu explained that the new tax system aimed to promote fairness by reducing the "headquarters effect." This was when states hosting company headquarters received more benefits because they collected taxes for the entire country.