The Centre for the Promotion of Private Enterprises, CPPE, has projected that Nigeria’s Gross Domestic Product could reach an estimated $450 billion by year-end, driven by ongoing economic recovery.
CPPE’s Chief Executive Officer, and an economist, Dr Muda Yusuf said the newly rebased figures by the National Bureau of Statistics , Nigeria’s cumulative GDP at the end of the first quarter of 2025 stood at approximately N466 trillion, or an estimated $300 billion.
He asserted that, as the country’s economy steadily recovered from the shocks of recent economic reforms, the projection remained attainable—barring any major disruptions.
He welcomed the recently released rebased GDP figures by the NBS, now anchored to a new base year of 2019.
According to him, the rebasing exercise represents a significant milestone in Nigeria’s economic management.
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According to him, it enhances the relevance, accuracy, and timeliness of national economic data and aligns Nigeria’s statistical reporting with international best practices.
He added that the development would provide a more realistic and comprehensive picture of the economy, which was essential for effective policy formulation, planning, and investment decisions.
“The rebasing exercise has improved the accuracy of sectoral contributions, revealing shifts in the economic landscape and highlighting emerging sectors that were previously underrepresented.
“The CPPE urges that future rebasing exercises be conducted more regularly and in a timely manner, in line with global standards, to maintain the relevance and credibility of Nigeria’s economic data,” he said.
Yusuf, however, noted that the latest GDP numbers highlighted the need to strengthen productivity in critical sectors such as agriculture, manufacturing, and trade.
This, he said was because these sectors were essential for economic inclusion, job creation, self-reliance, economic security, and diversification.
He noted agriculture and manufacturing sectors which only grew by 0.7 per cent and 1.7 per cent required targeted interventions to unlock their full potential and drive sustainable development.
Yusuf made policy recommendations to advance the economy to include targeted support for underperforming sectors with special attention for sectors in recession, that contracted, and those experiencing slow growth.
He stated that addressing structural challenges, improving access to finance, tackling insecurity and fostering innovation would be critical to stimulating recovery and growth.
He called for sustained support for high-performing sectors to further improve their output, leverage their potential as engines of growth, revenue generation and job creation.
Yusuf emphasised the need to address the disconnect between the non-oil sector’s significant GDP contribution and its relatively lower contribution to government revenue.
He said that strengthening tax administration, broadening the tax base, optimising non-tax revenues and promoting formalisation of economic activities in the informal sector were essential steps.
“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.
“Continuous engagement and timely updates will ensure that Nigeria’s economic data remains robust, reliable, and fit for purpose, guiding the nation toward sustainable growth and development,” he said.
