President Bola Ahmed Tinubu has expressed optimism about Nigeria’s economic trajectory following the release of the third-quarter Gross Domestic Product (GDP) report by the National Bureau of Statistics (NBS).

The report revealed that Nigeria’s GDP grew by 3.46% in Q3 2024, an improvement from the 3.19% recorded in the second quarter, signaling continued recovery and growth amidst economic reforms.

He described the development as a sign that his administration’s reforms are yielding results while reaffirming his commitment to building a $1 trillion economy by 2030.

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In a statement released by his Special Adviser on Media and Public Communications, Sunday Dare, President Tinubu expressed optimism about the country’s economic prospects but acknowledged that more work remains.

“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,” Tinubu said. “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.”

The President reaffirmed his administration’s pledge to achieve a $1 trillion economy by 2030, emphasizing that an upcoming rebasing of Nigeria’s GDP in 2025 would highlight structural changes and pave the way for shared prosperity.

“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,” he stated.

Tinubu also pointed to proposed tax reforms as a critical tool for driving equity and inclusive growth. He highlighted plans to ease the tax burden on small businesses and tackle the “headquarters effect,” where states housing corporate headquarters disproportionately benefit from tax revenues.

“The proposed tax reforms demonstrate our resolve to reduce the tax burden on small businesses and promote equity,” Tinubu said.

The President reiterated his commitment to ensuring that economic growth translates into tangible improvements in the lives of Nigerians, stressing that his administration remains focused on creating opportunities and reducing poverty across the country.

In a summit in Fiuggi, Italy, G7 foreign ministers are meeting for two days to discuss a variety of global challenges, including the recent arrest warrant issued by the International Criminal Court (ICC) for Israeli Prime Minister Benjamin Netanyahu.

Italian Foreign Minister Antonio Tajani, who is hosting the conference, stated on Monday that he does not expect difficulty in reaching a consensus on the matter.

“It’s not an immediate and actual problem. I don’t think Netanyahu will come to Italy or anywhere else,” Tajani told Corriere della Sera, downplaying the potential significance of the arrest warrant.

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The ICC issued arrest warrants on Thursday for Netanyahu, recently dismissed Israeli Defense Minister Yoav Gallant, and Hamas military leader Mohammed Deif, following allegations of war crimes connected to the ongoing Gaza conflict.

While Israel’s allies have criticized the decision, ICC member states are expected to uphold the warrants, despite ongoing debates about how to address Netanyahu’s case.

Along with the Middle East crisis, the G7 ministers will also discuss key global issues such as the war in Ukraine, the potential impact of a Donald Trump re-election, and the growing tensions surrounding Taiwan, which China considers part of its territory.

This summit, the final G7 foreign ministers’ meeting of the year, comes as Italy holds the G7 presidency until the end of December, making it a critical moment for the group to align on these significant global concerns.

The Minister for Youth Development, Ayodele Olawande, has disclosed that the Federal Government will soon issue a directive mandating all government agencies and parastatals to accept corps members posted to them under the National Youth Service Corps (NYSC) scheme.

Speaking at a press conference in Abuja on Monday, Olawande addressed concerns over the rejection of corps members despite the government’s recent decision to lift restrictions on their deployment to private sector organizations.

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He said, “Let them post them first, then we would tackle the rejection. In part of the memo we sent to the NYSC, we clearly stated that there is no barrier. Before now, there was a barrier that corps members could not be posted to certain places.

“Banks come and take them now. If you don’t have experience in banking, how do you want to know that you are good at accounting or whatever? This is also part of how you should learn whatever you studied.”

Olawande revealed that the ministry plans to submit a memo to President Bola Tinubu, requesting an executive order to compel all government agencies and parastatals to accept corps members assigned to them.

“It is a process; we can’t do everything at once. The one in our capacity, we have thrown it out. So, on the barrier, we are also waiting. I know about that too. We will work, and that is why teamwork is good,” the minister added.

Biztellers reports that the Federal Government on November 19, 2024, lifted a longstanding restriction that limited corps members’ postings to public sector institutions.

This policy change now permits the deployment of corps members to private organizations, including banks and oil companies, to broaden their professional exposure.

Olawande also addressed concerns about the delay in implementing the new N77,000 monthly allowance for corps members. While confirming the increase, he assured that the process is nearing completion.

“It is a process. When the government increases so and so, it will follow a process. We are in the process; very soon they will see it. It is not rocket science.

“It has been increased; nobody is saying it has not been increased. But the implementation is in process. And very soon, we are at the tip of it, it is going to start, and we will implement it perfectly,” he stated.

The minister’s remarks come as the government intensifies efforts to address challenges within the NYSC program and enhance the overall experience of corps members, ensuring their contributions to both public and private sectors are maximized.