Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has applauded the released Nigeria’s 2024 rebased Gross Domestic Product, GDP, figures and the Q1 2025 GDP growth estimated at 3.13 per cent. The information was contained in a statement released yesterday in Abuja by the Director, Information and Public Relations of the ministry, Mohammed Manga.
According to the Minister, the growth was an important indicator for the country’s economic resilience and renewed momentum under the renewed hope agenda.
He revealed 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.
Mr Edun disclosed that the effort was targeted to provide a more accurate picture of the nation’s economy through updating the base year used in compiling national accounts.
In his statement, “This rebasing gives us a clearer and more contemporary view of our economy’s size and structure.
“It helps policymakers, investors, and citizens understand where we are, and where the opportunities lie,” the minister said.
He explained that the updated data will serve as good pointer to the country’s transformation from an oil-dependent economy to one increasingly driven by services, technology, and diversified production.
The Minister revealed that sectors such as Information and Communication Technology, ICT, entertainment, finance, and professional services in the country have moved to prominence, relegating the oil and gas now to a smaller share of the economic pie.
Although, he reiterated that the record were not just an abstract shifts, as they reflect the real energy of the young, tech-savvy population and the growing success of reforms aimed at deepening economic participation.
Meanwhile, he added the agriculture and manufacturing sector have remained cornerstones of the economy, despite the digital and creative industries taking the centre stage in the updated GDP structure.
Reading from his record, the minister disclosed that the Q1 2025 growth have surpassed 2024, signaling upward momentum.
Mr Edun said that the 3.13 per cent year-on-year GDP growth recorded in Q1 2025, an improvement over the 2.4 per cent recorded in Q1 2024, as further evidence that the economy is gaining strength under the Renewed Hope Agenda.
He said that the acceleration was driven 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 the country is on the path to rapid, sustained, and inclusive growth with continued implementation of structural reforms, fiscal discipline, and targeted investments in critical sectors,” the minister added.
Meanwhile, the minister reaffirmed the government’s medium-term commitment of achieving a seven per cent annual GDP growth rate, in line with national development priorities.
“Our goal is not just growth, but growth with impact, especially the creation of quality jobs.
“The new data will help 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 said.
The minister commended the NBS for its professionalism and technical strictness in delivering the rebasing exercise and quarterly GDP reports.
Mr Edun said that data tools are critical to designing policies that were grounded in reality and aimed at unlocking the full potential of country’s economy. NAN
