The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has welcomed the release of Nigeria’s 2024 rebased Gross Domestic Product (GDP) figures and the Q1 2025 GDP growth estimate of 3.13%, describing both as important signals of the country’s economic resilience and renewed momentum.
The GDP rebasing—Nigeria’s first since 2014—was undertaken by the National Bureau of Statistics (NBS) in line with international best practices and represents a critical step toward more accurate, up-to-date, and comprehensive measurement of the economy.
The updated national accounts now better reflect structural changes in the economy, including the rise of the digital and creative sectors, increased activity in services, and stronger diversification across non-oil industries.
The minister stated: “The rebased GDP provides a clearer lens through which to view Nigeria’s economic performance. It allows policymakers, investors, and citizens to better understand the true size and composition of the economy, so we can plan more effectively and deliver greater prosperity to all Nigerians.”
Structural Shifts Reflect a Modernising, Diversifying Economy
The rebased data reveal important shifts in the structure of the Nigerian economy. Notably, the services sector—particularly ICT, finance, entertainment, and professional services—now accounts for a larger share of GDP.
Agriculture and manufacturing remain vital contributors, while the role of oil and gas continues to decline in relative terms, underscoring the impact of ongoing diversification efforts.
Edu noted: These changes are not just statistical—they reflect real transitions underway in the Nigerian economy.
“Our young, tech-savvy population is powering growth in new sectors, and our reforms are unlocking the potential of industries that were previously underrepresented in our GDP figures.”
This evolving structure reinforces the government’s strategy of investing in productivity, infrastructure, digital innovation, and human capital to drive future growth and job creation.
Q1 2025 Growth Outpaces Previous Year — A Sign of Momentum
The Minister also highlighted the “3.13% year-on-year GDP growth recorded in Q1 2025, an improvement over the 2.4% recorded in Q1 2024” as further evidence that the economy is gaining strength under the Renewed Hope Agenda.
The acceleration was driven by strong performance in agriculture, telecoms, construction, and financial services.
“We are encouraged by the broad-based nature of this growth, which is occurring across key sectors and supported by stable macroeconomic reforms. This trajectory reinforces our belief that Nigeria is on the path to rapid, sustained, and inclusive growth,” he said.
With continued implementation of structural reforms, fiscal discipline, and targeted investments in critical sectors, the Honourable Minister reaffirmed the government’s medium-term ambition of achieving a 7% annual GDP growth rate, in line with national development priorities.
“Our goal is not just growth, but growth with impact, especially the creation of quality jobs. The new data helps us better track progress, refine our strategies, and ensure that economic expansion translates into more jobs, higher incomes, and better living standards for all Nigerians,” he added.
The Federal Ministry of Finance commends the National Bureau of Statistics for its professionalism and technical rigour in delivering the rebasing exercise and quarterly GDP reports.
These data tools are critical to designing policies that are grounded in reality and aimed at unlocking the full potential of Nigeria’s economy.
