Nigeria’s economy poised for takeoff as Edun hails rebasing and Q1 growth

Barbara Bako, Abuja.

Nigeria’s economic outlook received a major boost following the release of newly rebased Gross Domestic Product (GDP) figures and a stronger-than-expected 3.13% growth in the first quarter of 2025….

The Coordinating Minister of the Economy and Minister of Finance, Mr. Wale Edun, welcomed the data as clear signals of renewed momentum and resilience in the country’s economy.

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 provides a more accurate and up-to-date snapshot of economic activity, capturing shifts such as the rise of digital services, creative industries, and broader diversification across non-oil sectors.

“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,” the Minister stated.

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According to Edun, the revised data not only reflect changes in measurement but also fundamental structural shifts in the Nigerian economy.

He noted that the services sector driven by ICT, finance, entertainment, and professional services now plays a larger role in the GDP, while oil and gas have seen a relative decline.

“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,” Edun said.

Nigeria’s Q1 2025 GDP growth of 3.13%, up from 2.4% in the same period last year, was attributed to strong performance in agriculture, telecommunications, construction, and financial services.

The Minister described the broad-based nature of this growth as a sign of economic stability and the effectiveness of the government’s ongoing reforms.

“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.

Looking ahead, the government remains committed to achieving a medium-term target of 7% annual GDP growth, with an emphasis on inclusive economic impact.

“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,” Edun added.

The Ministry of Finance also commended the NBS for its technical expertise and professionalism in carrying out the rebasing exercise and quarterly GDP reporting.

According to the Ministry, these updated data tools are crucial for evidence-based policymaking and unlocking Nigeria’s full economic potential.