Nigeria’s Economy Rebounds: Edun Hails Rebasing and Q1 2025 GDP Growth as Signs of Inclusive Takeoff
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has praised the rebased Gross Domestic Product (GDP) figures and the 3.13% growth recorded in the first quarter of 2025. He described these as clear signals of Nigeria’s economic resilience and the effectiveness of current government reforms. The announcement follows the release of a detailed report by the National Bureau of Statistics (NBS), marking Nigeria’s first GDP rebasing since 2014.
The GDP rebasing aligns with international standards and was conducted to offer a more accurate picture of the country’s evolving economy. According to the updated figures, the services sector—particularly ICT, finance, entertainment, and professional services—now constitutes a larger share of the GDP. Meanwhile, traditional sectors such as agriculture and manufacturing remain important contributors, while oil and gas have declined in relative importance, reflecting Nigeria’s ongoing economic diversification.
Mr. Edun highlighted that the 3.13% GDP growth in Q1 2025 represents a significant improvement over the 2.4% growth recorded in the same period of 2024. This positive trajectory was driven by strong performances in sectors such as agriculture, telecommunications, construction, and financial services, signaling a broader, more inclusive pattern of growth across the economy.
Edun emphasized that the rebased data provide a clearer understanding of the true size and structure of the Nigerian economy, which in turn facilitates better strategic planning and attracts more informed investments. He applauded the technical professionalism of the NBS and reaffirmed that the revised figures reflect not only statistical updates but also real transitions driven by Nigeria’s youthful and tech-oriented population.
The Minister concluded by stressing the importance of ensuring that economic growth leads to real-world improvements in living standards. He stated that the government’s focus remains on delivering impactful growth, particularly in job creation and income improvement. The newly rebased GDP, he said, will help track progress more accurately and guide strategies to ensure that growth translates into tangible benefits for all Nigerians.
Source: The sun