The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has welcomed the discharge of Nigeria’s 2024 rebased Gross Domestic Product (GDP) figures and a stronger-than-expected 3.13% GDP development in Q1 2025, describing each as essential indicators of Nigeria’s {economic} resilience and rising momentum.
In a press launch issued by the Federal Ministry of Finance, Abuja, Edun famous that the GDP rebasing—the primary since 2014—was performed by the National Bureau of Statistics (NBS) in step with worldwide finest practices.
According to him, the rebased figures mark a big development in precisely capturing the scope and construction of Nigeria’s dynamic economic system.
“The rebased GDP provides a clearer lens through which to view Nigeria’s economic performance,” the Minister acknowledged. “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.”
The up to date nationwide accounts now seize the structural modifications underway in Nigeria’s economic system.
These embody the speedy rise of the digital and artistic sectors, expanded exercise in providers, and deeper diversification throughout non-oil industries.
The rebasing affords a extra up-to-date and complete measurement of the nation’s {economic} panorama.
Notably, the providers sector—together with Information and Communications Technology (ICT), finance, leisure, {and professional} providers—now includes a bigger portion of GDP.
Meanwhile, agriculture and manufacturing proceed to function key pillars, and the relative contribution of oil and fuel has declined, underlining the affect of Nigeria’s {economic} diversification technique.
“These changes are not just statistical—they reflect real transitions underway in the Nigerian economy,” Edun famous. “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.”
He emphasised that the evolving construction of the economic system strengthens the federal government’s strategic concentrate on investing in productiveness, infrastructure, digital innovation, and human capital as engines for future development and job creation.
Highlighting the three.13% year-on-year GDP development in Q1 2025, Edun identified that the determine represents a big enchancment over the two.4% recorded in Q1 2024.
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He attributed the robust efficiency to broad-based sectoral development, particularly in agriculture, telecommunications, development, and {financial} providers.
“We are encouraged by the broad-based nature of this growth, which is occurring across key sectors and supported by stable macroeconomic reforms,” Edun mentioned. “This trajectory reinforces our belief that Nigeria is on the path to rapid, sustained, and inclusive growth.”
The Minister reaffirmed the administration’s medium-term ambition to realize 7% annual GDP development, aligning with nationwide improvement priorities.
He confused the significance of sustained structural reforms, fiscal self-discipline, and strategic investments in key sectors to realize this goal.
“Our goal is not just growth, but growth with impact, especially the creation of quality jobs,” he added. “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.”
The Ministry recommended the National Bureau of Statistics for its professionalism and technical rigour in delivering each the rebasing train and the quarterly GDP reviews.
These instruments, it emphasised, are important for growing coverage grounded in actuality and totally unlocking Nigeria’s {economic} potential.
The new knowledge, in keeping with Edun, affirms the federal government’s perception that Nigeria is properly on target to maintain {economic} takeoff, with alternatives for inclusive development and long-term prosperity.
