President Bola Ahmed Tinubu has expressed confidence in his administration’s commitment to transform the Nigerian economy into a $1 trillion economy by 2030 following the latest Gross Domestic Product (GDP) report released by the National Bureau of Statistics (NBS) on Monday.
The president stressed that the country will continue to progress despite ongoing economic reforms that threatened to impact the participation of local and foreign investors.
In the third quarter, the Nigerian economy grew by 3.46%, as agriculture grew by 28.65% while ICT expanded by 16.35%. Trade posted 14.78% growth, manufacturing added 8.21%, crude oil achieved 5.57%, finance and insurance remained consistent with a 5.51% increase, and real estate reported a 5.43% gain.
“This growth reflects that our economic reforms are beginning to bear fruit,” Tinubu said. “We are not just chasing numbers but creating a future where prosperity is shared by all Nigerians.”
Tinubu stresses that the administration remains focused and firm on achieving the $1 trillion economy milestone.
In a statement titled, ‘President Tinubu Assures of Greater Economic Output, Welcomes Third Quarter GDP Growth Figure’, Mr. Sunday Dare, the Special Adviser to the President on Media and Public Communications, echoed this same optimism.
“President Tinubu has not and will never forget his promise of a $1 trillion economy by 2030,” Dare stated. “He assured Nigerians that once the economy is rebased in early 2025 to reflect dynamic sectoral changes, the country will be firmly on this path.”
The President, however, acknowledged the unavoidable challenges ahead and the significance of positive indicators to desire results but also pointed to the unavoidable challenges ahead.
“While I welcome this development, it is a reminder of the work still to be done,” he said. “We won’t rest until the impacts of our reforms are felt in every household.”
Tinubu outlined ongoing initiatives such as tax reforms aimed at reducing burdens on small businesses and addressing inequalities caused by the “headquarters effect,” where states hosting company headquarters receive disproportionate benefits.
“The new tax regime seeks to promote equity and fairness across all regions and demographics,” Tinubu explained. “We aim to spread prosperity to those who need it the most.”
As Nigeria moves closer to rebasing its economy in 2025, experts anticipate an even clearer picture of the sectors contributing to its growth. The administration remains optimistic about building a stronger foundation for shared prosperity.
