Nigeria’s Gross Domestic Product (GDP) could reach $450 billion by the end of 2025, thanks to an ongoing economic rebound, according to the Centre for the Promotion of Private Enterprise (CPPE).
Dr. Muda Yusuf, the CEO of CPPE and an economist, shared this projection on Sunday in Lagos. He said the figure is based on fresh GDP data from the National Bureau of Statistics (NBS), which now uses 2019 as the new base year.
As of Q1 2025, the GDP stood at approximately N466 trillion, or an estimated $300 billion.
He expressed confidence in the economy’s recovery trajectory and said the forecast remained realistic, barring unforeseen shocks.
“The rebasing exercise has improved the accuracy of sectoral contributions, revealing shifts in the economic landscape and highlighting emerging sectors that were previously underrepresented,” he said.
Yusuf welcomed the GDP rebasing, noting that it aligns Nigeria’s statistics with global standards and enhances data relevance for planning, policy, and investment.
The rebasing, according to him, is a key milestone that reflects shifts in the economy, including previously underrepresented sectors. He urged that future exercises be conducted more regularly.
Yusuf, however, said the report exposed a lag in key sectors like agriculture and manufacturing, which grew only by 0.7% and 1.7%, respectively. These sectors, he emphasised, require urgent policy support to boost productivity and drive inclusion.
To foster long-term growth, he recommended policies that include targeted support for weak sectors, structural reforms, better access to finance, security improvements, and incentives for innovation.
He also pointed out the gap between the non-oil sector’s high GDP share and its low contribution to public revenue, suggesting tax reforms, wider tax nets, and improved revenue strategies.
“CPPE advocates for more frequent and timely GDP re-basing exercises to ensure that economic data remains current and relevant for policy and investment decisions,” he said.
