‘Nigeria’s GDP To Hit $450bn By Year-end Driven By Improved Productivity’

The Centre for the Promotion of Private Enterprise (CPPE) has projected that Nigeria’s GDP will reach $450 billion by the end of the year, driven by improved productivity in key sectors.

To achieve this growth, the CPPE called for strengthening agriculture, manufacturing, and trade productivity to drive economic growth and development. CPPE stated that improving productivity in these key sectors will positively impact the overall economy, creating jobs, increasing competitiveness, and enhancing economic resilience.

The director/CEO of CPPE, Dr. Muda Yusuf, stated this in a statement titled ‘Nigeria’s GDP Re-basing, Q1 2025 GDP Report, and Sectoral Analysis’.

Yusuf said, “Nigeria’s nominal GDP was reported at N372.82 trillion as of 2024, representing a 41 per cent increase over the 2019 nominal GDP. The economy recorded a growth rate of 3.38 per cent in 2024. In Q1 2025, GDP growth moderated slightly to 3.13 per cent, with total output for the quarter at N94 trillion.

“This brings Nigeria’s cumulative GDP at the end of Q1 2025 to approximately N466 trillion, or an estimated $300 billion. As the Nigerian economy progressively recovers from the shocks of the current economic reforms, the CPPE projects that by year-end, Nigeria’s GDP could reach an estimated $450 billion, barring any major economic disruption.”

He added that this 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.

He noted that the latest GDP numbers highlight the need to strengthen productivity in critical sectors such as agriculture, manufacturing, and trade, saying that these sectors are essential for economic inclusion, job creation, self-reliance, economic security, and diversification.

Yusuf explained that “their current growth rates remain below expectations: agriculture grew by only 0.7 per cent and manufacturing by 1.7 per cent in Q1 2025. These sectors require targeted interventions to unlock their full potential and drive sustainable development.”

He added that “despite the non-oil sector’s dominant contribution to GDP, its share of government revenue remains disproportionately low. This indicates persistent productivity and revenue mobilisation challenges in the non-oil economy, which must be addressed to ensure fiscal sustainability and inclusive growth.”

On policy recommendations, Yusuf stated that special attention is needed for underperforming 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.