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From Adanna Nnamani, Abuja
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has lauded Nigeria’s newly rebased Gross Domestic Product (GDP) figures and the 3.13 per cent GDP growth recorded in the first quarter (Q1) of 2025, describing them as critical indicators of the country’s economic resilience and renewed momentum under the current administration.
This was disclosed in a statement issued by his Spokesperson, Mohammed Manga, following release of the report on Monday.
The GDP rebasing, conducted by the National Bureau of Statistics (NBS), is the country’s first since 2014 and was carried out in line with international best practices. The exercise aims to provide a more accurate and up-to-date measurement of Nigeria’s economic structure and performance.
The new data show that the services sector, especially ICT, finance, entertainment, and professional services, now accounts for a larger portion of GDP. Agriculture and manufacturing remain key contributors, while oil and gas have declined in relative significance, an indication of ongoing diversification efforts.
Edun also drew attention to the 3.13 per cent year-on-year GDP growth recorded in the first quarter of 2025, a notable improvement from the 2.4 per cent recorded in the same period of 2024. The growth was driven by strong performance in agriculture, telecommunications, construction, and financial services.
He said the updated national accounts give a clearer view of the economy’s true size and composition, and provide a basis for more effective planning and investment. The Minister commended the NBS for the technical rigour and professionalism applied in the rebasing process and GDP reporting.
According to him, “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.”
“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.
“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.
“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.”
