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Edun Praises Rebasing, Q1 2025 GDP Growth as Economic Boost
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has welcomed the release of Nigeria’s rebased 2024 Gross Domestic Product (GDP) figures alongside a 3.13% year-on-year growth estimate for Q1 2025, describing both as clear indicators of economic resilience and renewed momentum under the current administration.
According to the Minister, the GDP rebasing—Nigeria’s first since 2014—was conducted by the National Bureau of Statistics (NBS) in line with global best practices, and represents a major step towards more accurate, timely, and comprehensive assessment of the nation’s economic performance. The updated national accounts now capture structural changes such as the growth of digital and creative sectors, increased activity in services, and broader diversification across non-oil industries.
“The rebased GDP provides a clearer lens through which to view Nigeria’s economic performance,” Edun said. “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 revised data show a significant shift in Nigeria’s economic structure, with the services sector—particularly ICT, finance, entertainment, and professional services—now accounting for a larger share of GDP. While agriculture and manufacturing remain vital, the oil and gas sector continues to decline in relative importance, highlighting the impact of ongoing diversification reforms.
“These changes are not just statistical—they reflect real transitions underway in the Nigerian economy,” the Minister noted. “Our young, tech-savvy population is powering growth in new sectors, and our reforms are unlocking the potential of industries previously underrepresented in our GDP.”
Edun emphasized that this evolving economic structure aligns with government efforts to stimulate productivity, expand infrastructure, drive digital innovation, and invest in human capital—all critical levers for future growth and job creation.
On the Q1 2025 growth estimate, the Minister noted the 3.13% year-on-year expansion marks a significant improvement from the 2.4% recorded in the same quarter of 2024. He attributed the acceleration to strong performance in agriculture, telecommunications, construction, and financial services, all contributing to a broad-based recovery under the Renewed Hope Agenda.
“We are encouraged by the broad-based nature of this growth, which is occurring across key sectors and supported by stable macroeconomic reforms,” Edun stated. “This trajectory reinforces our belief that Nigeria is on the path to rapid, sustained, and inclusive growth.”
Reaffirming the government’s medium-term target of achieving a 7% annual GDP growth rate, the Minister said this ambition is anchored on continued structural reforms, fiscal discipline, and targeted investments in strategic sectors.
“Our goal is not just growth, but growth with impact—especially the creation of quality jobs,” he added. “The new data helps us track progress more precisely, refine our strategies, and ensure that economic expansion translates into more jobs, higher incomes, and better living standards for all Nigerians.”
The Federal Ministry of Finance commended the NBS for its professionalism and technical rigour in delivering both the rebasing exercise and quarterly GDP estimates, noting that such data are vital for evidence-based policymaking and unlocking the full potential of the Nigerian economy.
