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Don’t Celebrate Rebased GDP, It’s Economic Cosmetics Nigerians Can’t Eat - ADC Slams Tinubu Govt
NIGERIA, JUL 23 – Nigeria's GDP grew 3.13% in Q1 2025 after rebasing, lowering the debt-to-GDP ratio to 39.4%, enhancing fiscal outlook but experts warn of ongoing debt service challenges.
- Nigeria's National Bureau of Statistics rebased the country's GDP to 2019 base year, raising nominal GDP to ₦379.17 trillion by Q1 2025.
- The rebasing followed from prior base year 2010 and aimed to reflect a more diversified economy despite high inflation and currency depreciation pressures.
- The debt-to-GDP ratio fell to 39.4%, yet total public debt rose to ₦149.39 trillion, driven by over ₦27 trillion new borrowing and naira depreciation impacts.
- Analysts warned the lower debt ratio may encourage more borrowing without revenue growth, while ADC called the rebasing "economic cosmetics" failing to improve real hardship.
- The event suggests cautious interpretation as fiscal fundamentals remain fragile, requiring strategic economic reforms beyond statistical revisions for genuine growth.
17 Articles
17 Articles
GDP: Move beyond ‘statistical celebrations’, LCCI tells FG
The Lagos Chamber of Commerce and Industry (LCCI) has again told the Federal Government to move from what it called ‘statistical celebration’ to strategic economic transformation. The body acknowledged the recent release of Nigeria’s rebased Gross Domestic Product (GDP) figures and the Q1 2025 economic growth data. “With a real growth rate of 3.13% and nominal GDP now recorded at ₦372.82 trillion, this development offers a more comprehensive an…
Nigeria’s GDP grows after recalculation
Nigeria’s economy is 30% larger than previously estimated after the statistics agency factored in new sectors to recalculate the country’s gross domestic product. Its GDP stood at $243 billion in 2024, at current prices, compared with the $187.8 billion estimated by the World Bank.The GDP rebasing “means that key economic indicators like debt-GDP ratio and budget deficit have improved,” David Omojomolo, Africa economist at Capital Economics, tol…
The Nigerian economy was revised upwards by 30 per cent in 2024. As announced in January 2025, the authorities recalculated their GDP by taking into account new sectors of the economy. Results: GDP amounts to almost $243 billion. This is more than the announcement by the International Monetary Fund.
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