Edun Welcomes Rebased GDP, Q1 Growth as Economy Shows Resilience
By Patience Ikpeme
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has welcomed the release of the country’s 2024 rebased Gross Domestic Product (GDP) figures and the 3.13% GDP growth estimate for the First Quarter of 2025.
He described both as significant indications of Nigeria’s economic resilience and renewed momentum. A statement released by the Ministry of Finance on Wednesday provided these details.
The GDP rebasing—Nigeria’s first since 2014—was conducted by the National Bureau of Statistics (NBS) in adherence to international best practices. This exercise represents a crucial step towards achieving a more accurate, current, and comprehensive measurement of the nation’s economy.
The updated national accounts now offer a clearer representation of structural changes within the economy, encompassing the rise of the digital and creative sectors, increased activity in services, and greater diversification across non-oil industries.
Wale Edun stated that “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 rebased data reveal important shifts in the structure of the Nigerian economy. Notably, the services sector, particularly Information and Communication Technology (ICT), finance, entertainment, and professional services, now accounts for a larger share of the GDP.
Agriculture and manufacturing continue to be vital contributors, while the relative role of oil and gas continues to diminish, demonstrating the impact of ongoing diversification efforts. Minister Edun remarked that 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.”
This evolving economic structure, he explained, bolsters the government’s strategy of investing in productivity, infrastructure, digital innovation, and human capital to drive future growth and job creation.
The Minister also drew attention to the 3.13% year-on-year GDP growth recorded in Q1 2025, which constitutes an improvement over the 2.4% recorded in Q1 2024. He presented this acceleration as further evidence that the economy is gaining strength under the Renewed Hope Agenda.
This growth, he noted, was propelled by strong performance in agriculture, telecoms, 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.
With the sustained implementation of structural reforms, fiscal discipline, and targeted investments in critical sectors, the Minister reiterated the government’s medium-term aspiration of achieving a 7% annual GDP growth rate, consistent with national development priorities.
He stated that the government’s objective is “not just growth, but growth with impact, especially the creation of quality jobs.” The new data, he added, assists in better tracking progress, refining strategies, and ensuring that economic expansion translates into more jobs, higher incomes, and improved living standards for all Nigerians.
The Federal Ministry of Finance concluded its statement by commending the National Bureau of Statistics for its professionalism and technical rigor in executing the rebasing exercise and preparing the quarterly GDP reports, recognizing these data tools as essential for designing policies grounded in reality and aimed at unlocking the full potential of Nigeria’s economy.
