Services Sector Surge, 3.13% Growth Signal Nigeria’s Renewed Economic Momentum — Wale Edun

Nigeria’s newly rebased GDP and its Q1 2025 growth rate of 3.13% are strong signals of economic resilience and renewed national momentum, according to Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

Following the National Bureau of Statistics’ (NBS) GDP rebasing — the first since 2014 — Edun said the updated figures offer a “clearer and more contemporary view of our economy’s size and structure.”

“This rebasing gives us a clearer and more contemporary view of our economy’s size and structure,” Edun stated. “It helps policymakers, investors, and citizens understand where we are, and where the opportunities lie.”

The rebased data reveals a structural shift in Nigeria’s economy — away from oil dominance and toward a services-led model. Key drivers include ICT, finance, professional services, and entertainment.

“These changes are not just statistical—they reflect real transitions underway in the Nigerian economy. 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,” Edun said.

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He emphasised that agriculture and manufacturing remain critical pillars, alongside strong performance in construction and financial services.

“We are encouraged by the broad-based nature of this growth, which is supported by macroeconomic stability and ongoing structural reforms,” he said. “This trajectory reinforces our belief that the country is on the path to rapid, sustained, and inclusive growth.”