Abuja: The 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 the Q1 2025 GDP growth estimate of 3.13 percent. The Director, Information and Public Relations in the ministry, Mr. Mohammed Manga, made this known in Abuja on Wednesday.
According to News Agency of Nigeria, Edun said that the growth was an important signal of the country’s economic resilience and renewed momentum. He stated that rebasing Nigeria’s first GDP recalibration since 2014 was carried out by the National Bureau of Statistics (NBS) in accordance with global best practices, and aimed to provide a more accurate picture of the economy by updating the base year used in compiling national accounts.
Edun highlighted that this rebasing offers a clearer and more contemporary view of Nigeria’s economy, helping policymakers, investors, and citizens understand the current economic landscape and identify opportunities. The updated data indicates a shift from an oil-dependent economy to one increasingly driven by services, technology, and diversified production, with sectors like Information and Communication Technology (ICT), entertainment, finance, and professional services gaining prominence.
The Minister emphasized that these changes reflect the energy of Nigeria’s young, tech-savvy population and the growing success of reforms aimed at deepening economic participation. While agriculture and manufacturing remain crucial to the economy, digital and creative industries have become more significant in the updated GDP structure.
Edun noted that the Q1 2025 growth surpassed that of 2024, indicating upward momentum, with the 3.13 percent year-on-year GDP growth recorded in Q1 2025 being an improvement over the 2.4 percent recorded in Q1 2024. He attributed this acceleration to strong performances in agriculture, telecoms, construction, and financial services.
The Minister expressed encouragement at the broad-based nature of this growth across key sectors, supported by stable macroeconomic reforms. He asserted that this trajectory reinforces confidence in the country’s path to rapid, sustained, and inclusive growth, emphasizing the importance of continued structural reforms, fiscal discipline, and targeted investments in critical sectors.
Edun reaffirmed the government’s medium-term ambition of achieving a seven percent annual GDP growth rate, aligning with national development priorities. He stressed that the goal is not just growth, but growth with impact, focusing on quality job creation and higher living standards for Nigerians. The new data will aid in tracking progress, refining strategies, and ensuring that economic expansion translates into tangible benefits for the population.
The Minister commended the NBS for its professionalism and technical rigor in conducting the rebasing exercise and producing quarterly GDP reports, highlighting the importance of data tools in designing effective policies to unlock the full potential of Nigeria’s economy.
