President Bola Tinubu has reiterated his administration’s commitment to improving Nigerians’ standard of living by growing the country’s economy to $1 trillion by 2030.

The president made this vow in a statement issued on Monday by his special adviser on media and public communications, Sunday Dare.

According to the World Bank, Nigeria’s 2024 GDP stands at $362 billion, ranking third in Africa behind Egypt ($395 billion) and South Africa ($377 billion).

However, the president, in the statement, declared that “his administration has not and will never forget his promise of a $1 trillion economy by 2030,” adding, “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 president’s pledge follows the National Bureau of Statistics (NBS) report on Nigeria’s third-quarter Gross Domestic Product (GDP), published earlier in the day. The report revealed that the GDP grew by 3.46%, an improvement from the 3.19% recorded in the second quarter.

Commenting on the development, Mr Tinubu said, “The NBS report, which shows that our economy grew in the third quarter more than last quarter and even beyond projected estimates, indicates Nigeria is recovering from the reforms’ unintended effects.” He added that it reflects his “quest for a more robust boost in the economy and, by extension, a better standard of living for all Nigerians is on course.”

“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 statement read.

While admitting that significant work remains, the president assured Nigerians that he would not rest until they feel tangible economic benefits and experience an improved standard of living. He emphasised his administration’s unwavering commitment to the people’s welfare.

The statement noted that the GDP growth in the third quarter was driven by several key sectors, including Agriculture, Transport, Education, Health, Real Estate, Finance and Insurance, ICT, Trade, and Manufacturing.

“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%),” the statement disclosed.

Regarding proposed tax reforms, Mr Tinubu explained that the measures aim to reduce the tax burden on small businesses while spreading prosperity to the poor. “The new tax regime will 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,” he stated.