Lagos: The Centre for the Promotion of Private Enterprises (CPPE) has projected that Nigeria’s Gross Domestic Product (GDP) could reach an estimated $450 billion by year-end, driven by ongoing economic recovery. CPPE’s Chief Executive Officer (CEO) and economist, Dr. Muda Yusuf, made this known on Sunday in Lagos.
According to News Agency of Nigeria, Yusuf stated that the newly rebased figures by the National Bureau of Statistics (NBS) indicate Nigeria’s cumulative GDP at the end of the first quarter of 2025 stood at approximately N466 trillion, or an estimated $300 billion. He asserted that as the country’s economy steadily recovers from the shocks of recent economic reforms, the projection remains attainable, barring any major disruptions.
Yusuf welcomed the recently released rebased GDP figures by the NBS, now anchored to a new base year of 2019. He mentioned that the rebasing exercise represents a significant milestone in Nigeria’s economic management. According to him, it enhances the relevance, accuracy, and timeliness of national economic data and aligns Nigeria’s statistical reporting with international best practices. This development provides a more realistic and comprehensive picture of the economy, essential for effective policy formulation, planning, and investment decisions.
He noted that the rebasing exercise has improved the accuracy of sectoral contributions, revealing shifts in the economic landscape and highlighting emerging sectors that were previously underrepresented. The CPPE urges that future rebasing exercises be conducted more regularly and in a timely manner, in line with global standards, to maintain the relevance and credibility of Nigeria’s economic data.
Yusuf, however, highlighted the need to strengthen productivity in critical sectors such as agriculture, manufacturing, and trade. These sectors are essential for economic inclusion, job creation, self-reliance, economic security, and diversification. He pointed out that the agriculture and manufacturing sectors, which grew only by 0.7 percent and 1.7 percent respectively, require targeted interventions to unlock their full potential and drive sustainable development.
Yusuf made policy recommendations to advance the economy, including targeted support for underperforming sectors with special attention to those in recession, contracting, and experiencing slow growth. Addressing structural challenges, improving access to finance, tackling insecurity, and fostering innovation are critical to stimulating recovery and growth. He also called for sustained support for high-performing sectors to further improve their output and leverage their potential as engines of growth, revenue generation, and job creation.
Yusuf emphasized the need to address the disconnect between the non-oil sector’s significant GDP contribution and its relatively lower contribution to government revenue. Strengthening tax administration, broadening the tax base, optimizing non-tax revenues, and promoting the formalization of economic activities in the informal sector are essential steps. CPPE advocates for more frequent and timely GDP rebasing exercises to ensure economic data remains current and relevant for policy and investment decisions.
