Edun: Rebased GDP shows Nigeria is growing again
Wale Edun, minister of finance and coordinating minister of the economy, says the newly rebased GDP figures reflect Nigeria’s economic resilience and renewed momentum under the Tinubu administration.
The National Bureau of Statistics (NBS) released the updated figures on June 21—the first GDP rebasing since 2014.
The data showed Nigeria’s economy grew by 3.13% in Q1 2025, up from 2.4% in the same period last year.
“This rebasing gives us a clearer and more contemporary view of our economy’s size and structure,” Edun said
“It helps policymakers, investors, and citizens understand where we are and where the opportunities lie.”
He noted that the economy is shifting from an oil-dependent model to a services-led one, driven by ICT, entertainment, professional services, and finance.
“The energy of our young, tech-savvy population and the success of reforms aimed at broadening economic participation are reflected in this transformation,” he added.
Edun highlighted strong growth in agriculture, telecommunications, construction, and finance, stating that these sectors contributed to the first-quarter performance.
“We are encouraged by the broad-based nature of this growth,” he said. “This trajectory reinforces our belief that the country is on the path to rapid, sustained, and inclusive growth.”
He reaffirmed the government’s goal of 7 percent annual GDP growth and emphasised the need to translate that expansion into job creation and improved living standards.
“Our goal is not just growth, but growth with impact,” Edun said, adding that the new data will help refine strategies to benefit all Nigerians.
He also commended the NBS for demonstrating “technical rigour and professionalism” in carrying out the GDP rebasing exercise.
