LAGOS – Investors in the nation’s economy have implored fiscal and monetary authorities to transform the recent Nigeria’s rebased Gross Domestic Product figures and the first quarter of 2025 to appreciable height. They suggested increment by 3.13% y/y economic growth data from statistical recalibration to strategic economic transformation. They said with a real growth rate of 3.13% and nominal GDP now recorded at N372.82 trillion, the development offers a more comprehensive and contemporary reflection of the Nigerian economy, capturing vibrant informal activities, tech-driven enterprises, and service-oriented sectors that were previously under the radar. Besides, the rebasing from the 2010 to 2019 base year, brings Nigeria closer to global statistical standards and reveals a more diversified economy, where real estate, trade, telecoms, and crop production now dominate, while oil’s share continues to decline. The National Bureau of Statistics (NBS) recently released rebased GDP figures on July 21, updating the base year for real GDP calculations from 2010 to 2019, indicated a sharp upward revision of nominal GDP (2024: +34.4% to NGN372.82 trillion), a shift in sectoral composition— higher shares for agriculture and services, with a decline in industry’s contribution, and revised real GDP growth rates compared to the previous base year. Under the new series, the domestic economy grew at a moderate pace in Q1-25, rising by 3.13% y/y (Q4-24: 3.76% y/y), due to broad-based deceleration across both oil and non-oil segments The oil sector slowed to 1.87% y/y (Q4-24: 5.54% y/y), despite higher crude output (1.62 mb/d vs 1.54 mb/d in Q4-24), likely due to a high base and rebasing effects, while the non-oil growth also moderated to 3.19% y/y (Q4-24: 3.80%), driven by weaker performance in agriculture (+0.07% y/y vs Q4-24: +2.54% y/y) and services (+4.33% y/y vs Q4-24: +4.75% y/y) subsectors, and the manufacturing (+1.69% y/y vs Q4-24: +1.28% y/y) subsector improved Cordros Securities Researchers in their weekly economic and market report, stated that: “We expect the economy to maintain positive growth in the short to medium term”. On the domestic economy growth at a moderate pace, Cordros Securities Researchers specifically said: “We anticipate further expansion in the oil sector, driven by enhanced investment and security measures, which are expected to increase output (2025E: 1.70 mb/d). Non-oil growth is likely to remain resilient, driven by recovering household consumption and improving business conditions amid the moderating inflation and a stable naira. Overall, we revise our 2025FY GDP growth foreup from 3.34% in 2024”. cast to 3.60% y/y (previous: 3.90%), Mr. Gabriel Idahosa, President, Lagos Chamber Of Commerce & Industry, in a chat with Daily Independent, acknowledges the recent release of Nigeria’s rebased GDP figures and economic growth data and cautioned that the optimistic figures should be turned to economic reality. According to him: “the nation’s economic conditions have put a large portion of the population into poverty, inflationary pressures have continued to weaken our purchasing power, and rising cost of living has continued to rise. “Inflation remains unrelenting, especially in the food segment, an alarming indicator in a country where most household expenditure is food-related”. He said stabilising the naira must be a top priority, adding that the development requires government restoring foreign exchange confidence, boosting non-oil exports, and supporting domestic production. “Food security must be urgently addressed through input subsidies, storage systems, and improved logistics to combat inflation and hunger”, he said. He added: “The government must intensify efforts to empower MSMEs and the informal sector through access to finance, aggressive operationalisation of the 2025 Nigerian Tax Reform Act, and deployment of digital tools “We need targeted job creation programmes, especially in agriculture, construction, and technology, backed by aggressive skills development. “Restore citizens’ confidence through transparency, social protection, and visible policy implementation”. Dr. Muda Yusuf, Chief Executive Officer (CEO) of the Centre for the Promotion of Private Enterprise (CPPE), in an exclusive interview with Daily Independent, seeks continued intervention in key sectors of the economy by both the fiscal and monetary authorities, suggesting that this will boost economic growth. According to him, there was need for the Federal Government to strengthen strategies to attract private sector capital to compliment government financing of infrastructure. “Nigeria needs targeted job creation programmes, especially in agriculture, construction, and technology, backed by aggressive skills development to transform the economy in short term “Food security must be urgently addressed through input subsidies, storage systems, and improved logistics to combat inflation and hunger”, he added. Wale Smatt –Oyerinde, Director General, Nigeria Employers’ Consultative Association (NECA) in a chat with Daily Independent, emphasised the need for the Central Bank of Nigeria to focus on addressing higher inflationary environment. According to him, the World Bank and the International Monetary Fund have projected Nigeria’s GDP growth at 3.6% and 4.1% in 2025 to be driven by an expected increase in oil production, and the services sectors like financial services, telecommunications, and ICT. “Improvement in local refining capacity is expected to ease energy costs, save foreign exchange spending, and attract more investments into the oil and gas sector”, he said He added: “We urge the government to pay continuous attention to inflation and the foreign exchange market and sustain efforts in fiscal and monetary policy interventions”. An executive director of one of the new generation banks, in a chat with Daily Independent, implored the Federal Government to urgently tackle the security concerns causing disruption to agricultural activities, reform the foreign exchange market to stabilise the exchange rate, reduce volatility and stimulate foreign exchange inflows to address the lingering fiscal challenges