Nigeria Eyes Renewed Investment as Economy Shows Robust Growth

Nigeria’s recent recalibration of Gross Domestic Product (GDP) data has provided fresh momentum for investors and policymakers, as the updated numbers reveal a stronger, more diversified economy — and renewed opportunity for growth across sectors.

According to the latest data from the National Bureau of Statistics (NBS), the base year for GDP calculation was shifted from 2010 to 2019, reflecting structural changes and the growth of emerging sectors. The recalibration increased the 2024 GDP estimate to ₦372.82 trillion (approximately US$244 billion), marking about a 30 percent upward revision compared with prior estimates.

Under the new structure, the contribution of the non-oil economy has expanded substantially. The services sector — powered by technology, finance, trade, real estate, and telecoms — now accounts for more than half of economic output, while the relative share of oil has steadily diminished.

In real terms, the economy maintained growth momentum into 2025. The first quarter recorded a 3.13 percent year-on-year increase, compared with 2.27 percent in the same period of 2024. The second quarter delivered an even stronger performance, with GDP expanding by 4.23 percent.

Government officials have described the revised data as not merely statistical, but as a realistic reflection of Nigeria’s evolving economic landscape. According to the Minister of Finance, the rebased figures reinforce earlier reforms and support strategic priorities in infrastructure, digital innovation, and human-capital development.

Economic analysts argue the implications could be significant. The recalibration — by capturing previously under-recognised sectors such as digital services, informal real estate, trade and telecommunications — increases Nigeria’s attractiveness to foreign and domestic investors seeking diversified exposure beyond oil.

“The new GDP profile provides clarity on what the economy truly looks like today,” said one economist. “Investors can now evaluate sectors such as ICT, finance, trade, real estate and manufacturing with more confidence; the economy is no longer solely oil-driven.”

For businesses operating in technology, financial services, logistics, and real estate, the window appears open. The growing size of the economy improves prospects for market expansion, credit flows, foreign direct investment and infrastructure development.

Nevertheless, experts caution against overconfidence. They note that while the rebasing strengthens headline metrics, underlying structural challenges remain. Inflation, currency volatility, and gaps in infrastructure continue to pose risks.

Some sectors — including agriculture and manufacturing — have yet to register significant rebounds, highlighting the need for prudent policy and targeted reforms.

Still, with improved data transparency and a broader economic base, Nigeria’s policymakers and private sector players are increasingly optimistic. Many now view the recalibration as a turning point — one that could attract fresh investment, spur job creation, and drive long-term sustainable growth.

As the country moves forward, the test will be whether this statistical boost can translate into concrete progress: real gains in living standards, diversified industry growth, and resilience in the face of regional and global economic headwinds.