. As Nigeria’s 3.46% GDP growth in Q3 excites Tinubu
.President assures of greater economic output
The Securities and Exchange Commission (SEC) says more than N2.7trn has been raised in the capital market by banks and other companies.
The Director-General of SEC, Dr Emomotimi Agama, said this at the 2024 Journalists Academy in Abuja on Monday, with the theme: “Fintech: Leveraging Technology to Drive Capital Market Participation.”
He said the figure, which included equity capital, excluded the amount raised by funds managers in the capital market.
Agama said that out of the N2.7 trillion, about N1.7 trillion was raised by banks through their recapitalisation exercise.
He said the Commission had made significant progress in registering Capital Market Operators (CMOs), including on-boarding FinTechs under the Commission’s Regulatory Incubation Programmes (RIP).
The director-general said the SEC was working with the Nigerian Financial Intelligence Unit (NFIU) to ensure the country exited the Financial Action Task Force (FATF) grey list, adding that this is crucial for the development of the financial sector.
”As you are aware, we came on board with an important banking recapitalisation exercise which we can declare has been successful.
”This exercise will enhance financial stability and bolster investor confidence and improve the Nigerian economy,” he said.
Agama said the Commission’s approval of the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) to tackle the housing deficit in the country by enabling affordable mortgage financing, aligned with the Federal Government’s One Million Homes initiative.
He reaffirmed the Commission’s commitment to implementing its Revised Capital Market Masterplan (2021-2025) by prioritising stakeholder engagement, awareness creation, capacity building, and developing regulatory frameworks.
Meanwhile, President Bola Tinubu has assured Nigerians of better economic output as the economy continues to expand following the newly released third quarter Gross Domestic Product report by the National Bureau of Statistics.
According to the NBS, Nigeria’s GDP grew by 3.46%, compared to the 3.19% growth recorded in the second quarter.
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.
The 3.46% growth indicates Nigeria is recovering from the reforms’ unintended effects.
President Tinubu said his administration has not and will never forget his promise of a $1 trillion economy by 2030. He assured that 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 latest GDP growth in the third quarter is driven by key sectors such as Agriculture, Transport, Education, Health, Real Estate, Finance and Insurance, ICT, Trade, and Manufacturing.
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 proposed tax reforms also indicate the administration’s resolve to reduce the tax burden on small businesses and spread prosperity to the poor. The new Tax regime seeks to 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.
President Tinubu said, “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. While I welcome this development, the latest figure also shows the much work that needs to be done. 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.”
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%.
For a better society
Follow us across our platforms:
Instagram – https://www.instagram.com/championnewsonline/
Facebook – https://web.facebook.com/championnewsonline
LinkedIn – https://www.linkedin.com/company/champion-newspapers-limited/
https://x.com/championnewsng/
You can also like and comment on our YouTube videos.
https://youtu.be/QIBfD1tT80w?si=R4Qf3so2LxYu3GC2
