Mr. Wale Edun, the Honourable Minister of Finance and Coordinating Minister of the Economy, has expressed strong optimism regarding Nigeria’s economic trajectory, welcoming the recently released 2024 rebased Gross Domestic Product (GDP) figures and the impressive 3.13% growth recorded in Q1 2025.
According to a statement from the Nigerian federal ministry of finance on Wednesday, the Minister described these developments as crucial indicators of the nation’s economic resilience and burgeoning momentum, laying a solid foundation for sustained economic takeoff.
The GDP rebasing, a significant exercise undertaken by the National Bureau of Statistics (NBS)—the first since 2014—aligns with international best practices and provides a more accurate and comprehensive measurement of Nigeria’s economy.
Minister Edun emphasized the profound importance of this rebasing, stating, “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.”
However, rebased data paints a vivid picture of significant structural shifts within the Nigerian economy. The services sector, encompassing ICT, finance, entertainment, and professional services, now commands a substantially larger share of the GDP. While agriculture and manufacturing remain vital contributors, the relative importance of oil and gas continues to wane, underscoring the success of ongoing diversification initiatives.
“These changes are not just statistical—they reflect real transitions underway in the Nigerian economy,” Edun said.
He further highlighted the role of the nation’s youth, stating, “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 added, reinforces the government’s strategic investments in productivity, infrastructure, digital innovation, and human capital to spur future growth and job creation.
Steady Economic Growth in 2025
Beyond the rebasing, the Minister pointed to the 3.13% year-on-year GDP growth in Q1 2025, a notable improvement from the 2.4% recorded in Q1 2024.
He heralded this acceleration as clear evidence of the economy gaining significant strength under the “Renewed Hope Agenda.” The robust performance was broadly driven by strong showings in critical sectors such as 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,” Edun affirmed. “This trajectory reinforces our belief that Nigeria is on the path to rapid, sustained, and inclusive growth.”
Looking ahead, the Minister reaffirmed the government’s ambitious medium-term goal of achieving a 7% annual GDP growth rate, aligning 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 noted. The Federal Ministry of Finance extended its commendation to the National Bureau of Statistics for its unwavering professionalism and technical rigor in executing both the rebasing exercise and the quarterly GDP reports, recognizing these data tools as indispensable for designing policies grounded in reality and aimed at unlocking Nigeria’s full economic potential.
