Experts call for urgent reforms as Nigeria’s GDP hits ₦373 trillion

The Nigerian Economic Summit Group (NESG) has emphasised the urgent need for evidence-based policymaking and structural reforms in light of Nigeria’s recently rebased Gross Domestic Product (GDP), now estimated at ₦373 trillion.

During a high-level virtual insight session on Wednesday, 6 August 2025, titled “X-raying the Data: Insights from the Rebased GDP Data,” experts, policymakers, and analysts converged to assess the implications of the revised figures on investment, governance, and economic development.

Opening the discussion, NESG Board Director Mr. Lanre Akinbo, representing Chairman Mr. Niyi Yusuf, said: “Credible data is the bedrock of good governance, investment confidence, and stronger public-private collaboration.”

Mr. Teslim Shitta-Bey, representing Proshare CEO Mr. Femi Awoyemi, highlighted structural imbalances: “Agriculture is a significant GDP contributor but is underrepresented in our capital market. We must restructure Nigeria’s 46 economic sectors into 14 functional sub-economies.”

He added that achieving a $1 trillion economy by 2030 is possible with bold reforms and double-digit growth.

Dr. Yinka Babalola of the International Budget Partnership expressed concern: “The 34.5% increase in nominal GDP hasn’t improved living standards. It could create a false sense of borrowing capacity, despite weak revenues and high debt servicing.” She stressed the inclusion of broader indicators like unpaid care work and inequality.

Presidential Adviser Dr. Tope Fasua linked the rebased data to current fiscal reforms, noting it could guide responsible borrowing.

“We’re improving tax administration and targeting high-net-worth individuals. The ‘skits economy’ and digital content creation must be recognised as emerging industries.”

Pan-Atlantic University’s Dr. Ekundayo Mesagan called for collaboration across academia, industry, and government, saying, “The rebased data reveals both opportunities and vulnerabilities. We need sector-specific interventions to boost youth-led growth.”

Moderator Amaka Nwaokolo closed by reaffirming NESG’s commitment to evidence-based dialogue ahead of the 31st Nigerian Economic Summit.