Nigeria on Track to $1tn Economy by 2030–Tinubu

President Bola Tinubu has reaffirmed his administration’s commitment to driving Nigeria’s economy towards the $1 trillion mark by 2030, following positive signs from the latest economic reports.

The National Bureau of Statistics (NBS) revealed that Nigeria’s Gross Domestic Product (GDP) grew by 3.46% in the third quarter of 2024, up from 3.19% in the previous quarter, reflecting steady recovery despite global economic challenges.

The growth is attributed to robust performances from key sectors, notably Agriculture, Information and Communications Technology (ICT), Trade, and Manufacturing. Agriculture led the charge, contributing 28.65% to the GDP, while ICT contributed 16.35%, and Trade followed with 14.78%.

In a statement on Monday, the President’s Special Adviser on Media and Public Communications, Mr. Sunday Dare, emphasized that the impressive GDP growth was an indication that the economic reforms instituted by President Tinubu were beginning to bear fruit.

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“This growth demonstrates the success of the Tinubu administration’s vision for economic revitalization and the improvement of the living standards of Nigerians,” Dare said.

Reacting to the report, President Tinubu expressed his satisfaction, saying, “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.”

He acknowledged that while the growth was encouraging, there was still much work to be done to ensure that Nigerians felt the positive impacts in their daily lives.

“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,” Tinubu said.

The President further highlighted the ongoing tax reforms as part of efforts to foster economic equity and reduce the burden on small businesses.

“The new tax regime aims to promote fairness, reducing the headquarters effect where some states unfairly benefit more from taxes. We will ensure a more equitable distribution of resources across the country,” he noted.

Tinubu’s comments come at a time when Nigeria is positioning itself to undergo a significant rebasing of its economy by early 2025, which experts say will provide a more accurate reflection of the nation’s dynamic economic activities.

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This economic growth marks a key milestone for the country as it seeks to become one of the world’s largest economies in the coming decade.

The President reiterated that his administration would continue to focus on improving fiscal management, enhancing infrastructure, and creating an enabling environment for businesses to thrive.

The third-quarter GDP performance serves as a testament to the resilience of Nigeria’s economy, with growth seen in sectors such as Agriculture, Transport, Education, Health, and Real Estate, all contributing to the overall positive economic trajectory.

“We are determined to transform Nigeria into a $1 trillion economy, and the progress we are witnessing is just the beginning,” President Tinubu.