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Wale Edun says rebased GDP growth rate signals Nigeria’s economic resilience

Wale Edun: Nigeria insulated from global tariff shocks Wale Edun: Nigeria insulated from global tariff shocks

Wale Edun, minister of finance and coordinating minister of the economy, says the latest gross domestic product (GDP) rate signals economic resilience and “renewed momentum” under President Bola Tinubu’s administration.

The National Bureau of Statistics (NBS), on June 21, released the rebased GDP figures, which show a more diversified economic structure.

The GDP rebasing exercise is the first since 2014.

According to the data, the economy grew 3.13 percent in the first quarter (Q1) of 2025, compared to 2.4 percent in the same period last year.

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In a statement by Mohammed Manga, the director of information and public relations at the finance ministry, Edun welcomed the rebased GDP record.

“This rebasing gives us a clearer and more contemporary view of our economy’s size and structure,” Edun was quoted as saying.

“It helps policymakers, investors, and citizens understand where we are, and where the opportunities lie.”

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Edun said the rebased data highlights a significant structural shift in Nigeria’s economy, showing a move from oil dependence to a services-led model, driven by sectors such as 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.

The minister said while oil and gas now account for a smaller portion of the GDP, agriculture and manufacturing remain critical anchors of the economy.

He cited robust growth across agriculture, telecoms, construction, and financial services as key drivers of the improved Q1 performance.

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“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 with continued implementation of structural reforms, fiscal discipline, and targeted investments in critical sectors.”

Edun reiterated the government’s medium-term goal of achieving 7 percent annual GDP growth, with a focus on translating expansion into quality jobs, higher incomes, and improved living standards.

“Our goal is not just growth, but growth with impact,” he said.

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“The new data will help us track progress, refine our strategies, and ensure economic expansion benefits all Nigerians.”

The minister also commended the NBS for its “technical rigour and professionalism” in carrying out the rebasing exercise and delivering the quarterly GDP report, saying reliable data is key to policy design grounded in economic reality.

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