The Centre for the Promotion of Private Enterprise (CPPE) has commended the recent rebasing of Nigeria’s Gross Domestic Product (GDP) by the National Bureau of Statistics (NBS), describing it as a significant statistical milestone that offers a broader view of the economy.
However, the group raised concerns over the underperformance of critical sectors, including agriculture and manufacturing.
The NBS had, in July, released the rebased GDP figures, adopting 2019 as the new base year to reflect current production structures and consumption patterns.
According to the updated data, nominal GDP rose to N372.8tn in 2024, representing a 41 percent increase compared to 2019 figures.
In a statement, CPPE Director, Dr Muda Yusuf, said, “At the same time, the rebasing exercise enhances the accuracy and relevance of Nigeria’s economic data, it also reveals lingering structural weaknesses across key sectors.
“GDP rebasing is vital to ensure that economic statistics reflect present-day realities,” Yusuf said.
“But despite the broader economic outlook, the latest numbers show sluggish growth in agriculture and manufacturing, which are crucial to inclusive development and job creation.”
According to the data, agriculture grew by just 0.7 percent, and manufacturing by 1.7 percent in the first quarter of 2025—figures Yusuf described as below expectations.
He noted that these sectors require urgent, targeted interventions to unlock their full potential.
A sectoral review by CPPE showed that out of Nigeria’s 46 economic sectors, 37 recorded growth in Q1 2025, although many exhibited slower momentum. Nine sectors contracted, while three—textiles, air transport, and coal mining—remained in recession following consecutive quarterly declines.
While the non-oil sector contributed 96.03 percent to GDP, Yusuf pointed out that its share of government revenue remains disproportionately low, calling for reforms to enhance productivity and revenue generation.
The CPPE also lauded the NBS for executing the rebasing exercise despite limited funding and urged policymakers and investors to utilise the updated data for more effective planning and decision-making.
