The Honourable 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 a stronger-than-expected 3.13% GDP growth in Q1 2025, describing both as crucial indicators of Nigeria’s economic resilience and growing momentum.
In a press release issued by the Federal Ministry of Finance, Abuja, Edun noted that the GDP rebasing—the first since 2014—was conducted by the National Bureau of Statistics (NBS) in line with international best practices.
According to him, the rebased figures mark a significant advancement in accurately capturing the scope and structure of Nigeria’s dynamic economy.
“The rebased GDP provides a clearer lens through which to view Nigeria’s economic performance,” the Minister 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.”
The updated national accounts now capture the structural changes underway in Nigeria’s economy.
These include the rapid rise of the digital and creative sectors, expanded activity in services, and deeper diversification across non-oil industries.
The rebasing offers a more up-to-date and comprehensive measurement of the nation’s economic landscape.
Notably, the services sector—including Information and Communications Technology (ICT), finance, entertainment, and professional services—now comprises a larger portion of GDP.
Meanwhile, agriculture and manufacturing continue to serve as key pillars, and the relative contribution of oil and gas has declined, underlining the impact of Nigeria’s economic diversification strategy.
“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 the potential of industries that were previously underrepresented in our GDP figures.”
He emphasized that the evolving structure of the economy strengthens the government’s strategic focus on investing in productivity, infrastructure, digital innovation, and human capital as engines for future growth and job creation.
Highlighting the 3.13% year-on-year GDP growth in Q1 2025, Edun pointed out that the figure represents a significant improvement over the 2.4% recorded in Q1 2024.
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He attributed the strong performance to broad-based sectoral growth, especially in agriculture, telecommunications, 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,” Edun said. “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 achieve 7% annual GDP growth, aligning with national development priorities.
He stressed the importance of sustained structural reforms, fiscal discipline, and strategic investments in key sectors to achieve this target.
“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 commended the National Bureau of Statistics for its professionalism and technical rigour in delivering both the rebasing exercise and the quarterly GDP reports.
These tools, it emphasized, are essential for developing policy grounded in reality and fully unlocking Nigeria’s economic potential.
The new data, according to Edun, affirms the government’s belief that Nigeria is well on course to sustain economic takeoff, with opportunities for inclusive growth and long-term prosperity.