GDP rebasing: CPPE seeks targeted support for underperforming sectors

The Centre for the Promotion of Private Enterprise (CPPE) yesterday called for targeted support for underperforming sectors from the recently released rebased Gross Domestic Product (GDP) figures. The centre welcomed the data by the National Bureau of Statistics (NBS), saying the re-basing exercise “represents a significant milestone in Nigeria’s economic management, as it enhances the […]

The Centre for the Promotion of Private Enterprise (CPPE) yesterday called for targeted support for underperforming sectors from the recently released rebased Gross Domestic Product (GDP) figures.

The centre welcomed the data by the National Bureau of Statistics (NBS), saying the re-basing exercise “represents a significant milestone in Nigeria’s economic management, as it enhances the relevance, accuracy, and timeliness of national economic data, and aligns Nigeria’s statistical reporting with international best practices.”

The rebased figures indicated that Nigeria’s economy grew by 3.13 percent in the first quarter of 2025 from the 2.27 percent recorded in the same period in 2024.

In nominal terms, the economy grew to N372.82tr from N205.09tr in the base year of 2019.

According to an analysis by CPPE, 37 sectors recorded growth (many however slowed); nine sectors contracted while three sectors are in recession.

Dr. Muda Yusuf, Director/CEO of the centre however called for targeted Support for Underperforming Sectors.

“Special attention is needed for sectors in recession, those that contracted, and those experiencing slow growth. Addressing structural challenges, improving access to finance, tackling insecurity and fostering innovation will be critical to stimulating recovery and growth,” he said.

In addition, he noted that there should be sustained support for high-performing Sectors, saying those sectors should continue to receive support to sustain and further improve their output, leveraging their potential as engines of growth, revenue generation and job creation.

He said, “There is a pressing need to address the disconnect between the non-oil sector’s significant GDP contribution and its relatively lower contribution to government revenue. Strengthening tax administration, broadening the tax base, optimizing non-tax revenues and promoting formalization of economic activities in the informal sector are essential steps.”

The CPPE advocated for more frequent and timely GDP re-basing exercises to ensure that economic data remains current and relevant for policy and investment decisions.

“The CPPE commended the National Bureau of Statistics for this important milestone despite its resource limitations.

“The CPPE remains committed to supporting evidence-based policymaking and investment decisions and urges stakeholders to leverage these improved statistics for strategic planning, investment decisions, and policy development. 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 added.