By Peter Salami
The Federal Government on Wednesday announced that Nigeria’s economy is gaining momentum, projecting that more jobs and higher incomes are on the horizon, following the release of fresh Gross Domestic Product (GDP) figures. But for many Nigerians battling high food prices, rising transport fares, and joblessness, the real question remains: when will this growth be felt on the streets?
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, hailed the latest GDP rebasing figures and Q1 2025 growth of 3.13% as strong signals of economic resilience and a turning point in Nigeria’s path to recovery.
“Nigeria’s economy is changing, and these new numbers give us a clearer, more accurate picture of where we are and where the opportunities lie,” Edun said in a statement issued in Abuja. He explained that the rebasing exercise, conducted by the National Bureau of Statistics (NBS), was the first recalibration of Nigeria’s GDP since 2014, aligning with global best practices to reflect the country’s evolving economic landscape.
According to Edun, Nigeria’s economy is no longer as dependent on oil and gas, which now take up a smaller portion of the economic pie. Instead, sectors like Information and Communication Technology (ICT), entertainment, financial services, and professional consultancy are surging to the forefront.
“These shifts are not just statistics. They reflect the energy and innovation of our young, tech-savvy population,” Edun said, noting that agriculture and manufacturing still remain the bedrock of job creation for the country.
The minister pointed out that the 3.13% year-on-year GDP growth in Q1 2025 represents a notable improvement over the 2.4% recorded in the same period last year, attributing the uptick to President Bola Tinubu’s macroeconomic reforms under the Renewed Hope Agenda.
“We are seeing broad-based growth across critical sectors like agriculture, telecoms, construction, and financial services. This is the kind of growth that has the potential to touch lives directly,” Edun said.
Despite the optimism, many Nigerians remain skeptical, asking when the so-called economic growth will translate into affordable food, stable electricity, reliable jobs, and more money in their pockets. For them, the GDP figures feel distant, disconnected from the everyday struggles of survival.
Edun acknowledged these concerns, emphasizing that the government’s target is “growth with impact.”
“Our ambition is not just to see numbers rise on paper but to ensure that this expansion leads to real improvements in people’s lives — through quality jobs, higher incomes, and better living standards,” he assured.
The government is aiming for a 7% annual GDP growth rate in the medium term, a target Edun says is achievable through consistent reforms, fiscal discipline, and focused investments in sectors that create mass employment.
Edun commended the NBS for its professionalism in conducting the GDP rebasing exercise, saying that accurate data is essential for crafting policies that are rooted in reality. “These numbers are not academic. They are tools to help us direct resources, attract investments, and create an economy that works for all Nigerians,” Edun said.
Government officials believe the updated GDP figures will boost investor confidence, especially in sectors poised for job creation like agriculture, manufacturing, ICT, and creative industries. However, economic analysts warn that unless these numbers lead to concrete improvements in people’s purchasing power, the average Nigerian will continue to view GDP growth as an elite statistic with no bearing on their daily realities.
“GDP growth is good, but it must reflect in wages, employment, and lower prices for basic goods,” Olamide Martins a Lagos-based economist told Keeping Them Honest Daily. “Otherwise, it’s just numbers.”