… National Bureau Of Statistics Unveils New Economic Data

The National Bureau of Statistics (NBS) announced that Nigeria’s economy grew by 3.13% in the first quarter of 2025, following a significant rebasing of the nation’s Gross Domestic Product (GDP).

The rebasing, which updated the economic base year from 2010 to 2019, was revealed during a press briefing in Abuja by Statistician General Prince Adeyemi Adeniran.

The exercise increased the nominal size of Nigeria’s economy to N372.82 trillion, up from N205.09 trillion, reflecting a more accurate picture of economic activity.

Adeniran noted that the rebasing reshuffled sectoral contributions, with real estate now ranking third, surpassing crude oil and natural gas, which dropped to fifth.

The Federal Government, through the Ministry of Finance, welcomed the development, stating that the new data would guide policy decisions.

President Bola Tinubu directed ministries to align budgets with the updated figures, particularly in agriculture and manufacturing.

The rebasing exercise, the first in 11 years, involved collaboration with international agencies to ensure accuracy. State governments were urged to leverage the data for local planning, with Lagos and Rivers announcing reviews of their economic strategies.

The NBS emphasized that the growth reflects increased activity in services and industry, despite challenges in rural areas. The government plans to use the data to attract foreign investment, with a focus on technology and infrastructure.

The announcement has prompted calls for transparency in economic reporting, with stakeholders demanding regular updates to maintain credibility.

The rebasing is expected to influence Nigeria’s fiscal policies, impacting budget allocations and development programs ahead of the 2027 elections.