US EditionDon’t Celebrate Rebased GDP, It’s Economic Cosmetics Nigerians Can’t Eat - ADC Slams Tinubu Govt
NIGERIA, JUL 23 – Nigeria's nominal GDP rose to ₦379.17 trillion after rebasing, lowering the debt-to-GDP ratio to 39.4%, below the 40% government ceiling and 55% international benchmarks.
- On Monday, the National Bureau of Statistics announced Nigeria's 3.13% GDP growth in Q1 2025, following a rebasing that used 2019 as the base year.
- Earlier this year, the National Bureau of Statistics conducted the first GDP rebasing since 2014, reflecting emerging sectors such as digital technology, entertainment and professional services.
- According to sector breakdowns, services sector expanded by 4.33%, contributing over 57% to total GDP, while industry grew 3.42% and agriculture 0.07%.
- Nigeria's debt-to-GDP ratio fell to 39.4%, but economic experts caution the fiscal outlook remains fragile amid rising borrowing pressures.
- With the 2026–2028 Medium-Term Expenditure Framework approaching, Wale Edun reaffirmed a seven per cent annual GDP growth ambition.
13 Articles
13 Articles
Nigeria’s GDP grows after recalculation
Nigeria’s economy is 30% larger than previously estimated after the statistics agency factored in new sectors to recalculate the country’s gross domestic product. Its GDP stood at $243 billion in 2024, at current prices, compared with the $187.8 billion estimated by the World Bank.The GDP rebasing “means that key economic indicators like debt-GDP ratio and budget deficit have improved,” David Omojomolo, Africa economist at Capital Economics, tol…
The Nigerian economy was revised upwards by 30 per cent in 2024. As announced in January 2025, the authorities recalculated their GDP by taking into account new sectors of the economy. Results: GDP amounts to almost $243 billion. This is more than the announcement by the International Monetary Fund.
Nigeria’s rebased GDP and Q1 2025 growth signal positive economic transformation – Wale Edun
The Minister of Finance, Wale Edun, has described Nigeria’s 2024 rebased Gross Domestic Product (GDP) figures and the Q1 2025 growth estimate of 3.13%, as clear indicators of economic resilience and the success of ongoing reforms. The GDP rebasing, carried out by the National Bureau of Statistics (NBS), is Nigeria’s first since 2014 and aligns […] The post Nigeria’s rebased GDP and Q1 2025 growth signal positive economic transformation – Wale E…
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