Rebased GDP Shows Nigeria’s Economic Shift Towards Digital, Services Sector – Presidential Aide

Nigeria’s rebased Gross Domestic Product (GDP) figures have revealed a significant transformation in the country’s economic structure, shifting focus from oil dependency to a services-driven digital economy.

Speaking at the 3rd Economic Confidential Annual Lecture held in Abuja on Wednesday, Dr. Tope Fasua, Special Adviser to President Bola Ahmed Tinubu on Economic Affairs, described the rebased data as a “clearer and more honest picture of the economy” and a strong foundation for the implementation of the Federal Government’s Renewed Hope Agenda for a Digital Global Economy.

According to the National Bureau of Statistics (NBS), the rebasing of GDP to 2019 has recalibrated the nominal value of the economy to ₦372.8 trillion ($243 billion) in 2024, an increase of over 30 percent from previous estimates. The rebased figures show that the services sector now accounts for 57.5 percent of GDP, while the non-oil sector contributed 96.03 percent in the first quarter of 2025.

“The rebased data confirms what many of us have seen with our own eyes: Nigeria’s economy is no longer just about oil. The digital economy, fintech startups, e-commerce, and Nollywood are no longer statistical footnotes but powerhouses,” Dr. Fasua stated.

“The rebased GDP is a milestone, not a magic wand,” Dr. Fasua cautioned. “It does not, on its own, resolve unemployment, poverty, or declining per capita income. Our mandate is to bridge the disconnect between macro figures and micro-realities.”

Outlining key priorities under the Renewed Hope Agenda, he stressed the need to formalize the digital ecosystem by creating a supportive regulatory environment, enabling startups to access credit and boosting Nigeria’s low tax-to-GDP ratio of 10.8 percent.

He added that government will also channel productive investment into manufacturing and agro-processing, while addressing power and production costs to stimulate industrial growth.

Furthermore, investment in human capital, particularly digital literacy and vocational training, will be scaled up to equip Nigeria’s youthful population with the skills required for the emerging economy.

“The data is our compass, and our collective will is our engine. Let us seize this moment to build a more prosperous and equitable Nigeria,” Dr. Fasua declared, while commending Economic Confidential for its contributions to economic discourse in the country.