The Digest:
Nigeria's recent GDP rebasing revealed that real estate has surpassed oil as the third-largest contributor to the economy, reflecting significant structural changes. While the economy expands, challenges like inflation persist, raising questions about tangible benefits for citizens.
Key Points:
- Nigeria’s GDP reached N372.8 trillion in 2024, a 17.81% growth from the previous year.
- Real estate now ranks third, surpassing oil, signaling diversification in the economy.
- The economy grew by 3.13% in Q1 2025, showing gradual recovery.
- Inflation remains high at 22.22%, affecting citizens' purchasing power.
- Agriculture’s contribution rose from 22.12% to 26%, while industry grew from 21.08% to 27.7%.
- The service sector grew to 53.09%, up from 50.22%, signaling robust growth in services.
- Experts stress that economic expansion must translate into improved living standards for Nigerians.
While the rebased GDP reflects growth and diversification, it’s crucial for Nigeria to ensure that these gains lead to inclusive growth. Policymakers must turn accurate data into strategies that address citizens' everyday struggles.
Sources: Premium Times, Daily Post, NBS
