Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has responded to the release of the country’s 2024 rebased Gross Domestic Product (GDP) figures and a first quarter 2025 GDP growth estimate of 3.13%. Edun described these developments as significant indicators of Nigeria’s economic resilience and momentum.
The National Bureau of Statistics (NBS) conducted the GDP rebasing for the first time since 2014. This update aligns with international standards and is intended to provide a more accurate and comprehensive measurement of Nigeria’s economy. The revised national accounts now better represent changes in the economy, including increased activity in digital industries, creative sectors, services, and diversification away from oil.
“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,” said Edun.
The new data show that services—especially ICT, finance, entertainment, and professional services—make up a larger share of GDP than before. Agriculture and manufacturing continue as important contributors. Oil and gas have declined in relative importance due to ongoing diversification efforts.
“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 noted.
According to Edun, this evolving structure supports government strategies focused on productivity improvements, infrastructure investment, digital innovation, and human capital development for future growth.
Edun also pointed out that Q1 2025 saw year-on-year GDP growth reach 3.13%, compared with 2.4% during Q1 2024—a sign that economic performance is strengthening under current policies. Growth was led by 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. This trajectory reinforces our belief that Nigeria is on the path to rapid, sustained, and inclusive growth,” he said.
He reaffirmed government ambitions for a medium-term annual GDP growth rate target of 7%, stating it aligns with national development priorities.
“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,” he added.
The Ministry commended NBS for its professionalism during both the rebasing exercise and quarterly reporting process. These tools are considered essential for policy design aimed at supporting Nigeria’s economic potential.