The Minister of Finance, Wale Edun, has described the release of Nigeria’s 2024 rebased Gross Domestic Product (GDP) figures alongside the Q1 2025 growth estimate of 3.13%, as clear indicators of economic resilience and the success of ongoing reforms.
The GDP rebasing, carried out by the National Bureau of Statistics (NBS), is Nigeria’s first since 2014 and aligns with international best practices.
It offers a more accurate, comprehensive view of the country’s economic structure, reflecting evolving sectors such as digital technology, entertainment, and professional services, as well as broader diversification across non-oil industries.
“The rebased GDP provides a clearer lens through which to view Nigeria’s economic performance,” Minister Edun stated. “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.”
Economic Structure Reflects a Modernizing, Diversifying Nation
The rebased data highlight a significant shift in Nigeria’s economic makeup. The services sector, including ICT, financial services, and entertainment, now plays a greater role in GDP contribution.
While agriculture and manufacturing remain foundational, the relative share of oil and gas continues to decline, a reflection of the country’s ongoing efforts to diversify its economic base.
“These changes are not just statistical, they reflect real transitions underway in the Nigerian economy,” Edun noted. “Our young, tech-savvy population is powering growth in new sectors, and our reforms are unlocking potential in industries that were previously underrepresented.”
This transformation, according to the Minister, is backed by strategic investments in productivity, infrastructure, innovation, and human capital development, with an emphasis on future-facing sectors capable of generating inclusive and sustainable growth.
Q1 2025 Growth Exceeds Previous Year’s Performance
The Minister also cited the 3.13% year-on-year GDP growth in Q1 2025, a notable increase from 2.4% in Q1 2024, as further evidence of Nigeria’s upward momentum under the Renewed Hope Agenda.
Key contributors to this performance include agriculture, telecoms, construction, and financial services.
“We are encouraged by the broad-based nature of this growth,” Edun said.
“It’s 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 reaffirmed the federal government’s medium-term ambition to achieve 7% annual GDP growth, emphasizing the importance of structural reforms, fiscal discipline, and targeted investments in driving the nation forward.
Data-Driven Policy & Future Outlook
The Federal Ministry of Finance commended the NBS for its technical precision in delivering the rebasing exercise and quarterly reports.
“Our goal is not just growth, but growth with impact. The new data helps us refine strategies and ensure that expansion translates into real, tangible benefits for all Nigerians,” Edun concluded.
The updated metrics offer stakeholders tools to design data-backed policies that unlock the full potential of Nigeria’s economy and track meaningful progress toward quality job creation, increased incomes, and improved living standards.
