Nigeria’s Minister of Finance and Coordinating Minister of the Economic system, Wale Edun, has attributed the nation’s second-quarter 2025 GDP development of 4.23% to the continued fiscal and structural reforms beneath President Bola Tinubu’s administration.
Edun mentioned the expansion efficiency mirrored early positive factors from the federal government’s financial stabilisation measures, together with international change unification, gasoline subsidy elimination, and tighter fiscal coordination.
In keeping with him, the administration’s medium-term goal is to speed up output growth to between 6% and seven% by 2027, pushed by elevated personal sector participation and sustained reform implementation.
He defined that the coverage path beneath the Renewed Hope Agenda is concentrated on restoring investor confidence, diversifying export earnings, and strengthening productiveness throughout vital sectors.
The minister mentioned the efficiency of agriculture, manufacturing, and companies was encouraging, indicating that reforms are starting to translate into measurable financial exercise.
“The newest GDP figures affirm that we’re transferring in the fitting path. 13 sectors recorded development above seven p.c within the final quarter, displaying that coverage consistency is beginning to yield outcomes,” Edun said. “Our focus now’s to consolidate these positive factors and make sure that development delivers tangible enhancements in jobs, incomes, and dwelling requirements.”
Knowledge from the Nationwide Bureau of Statistics confirmed that the non-oil sector remained the important thing driver of the second-quarter efficiency, supported by development in ICT, commerce, and monetary companies.
The oil sector additionally confirmed reasonable restoration as manufacturing volumes stabilised, contributing to total output growth.
Analysts notice that whereas the 4.23% development fee represents a notable enchancment over the earlier quarter, the tempo stays under the extent required to considerably cut back poverty and shut Nigeria’s infrastructure hole. They, nonetheless, describe the outcome as a sign of bettering macroeconomic stability following a number of quarters of policy-induced adjustment.
Edun reaffirmed the federal government’s plan to construct a $1 trillion financial system by the top of the last decade via elevated capital funding, stronger industrial linkages, and a business-friendly regulatory atmosphere.
He mentioned reforms focusing on power, logistics, and digital transformation will play a central function in attaining this development trajectory.
He added that the federal government will proceed to take care of coverage self-discipline and transparency to draw long-term international funding and help credit score growth to productive sectors.
Market individuals count on additional enchancment in output in subsequent quarters if inflation moderates and international change liquidity continues to strengthen.
The federal government’s reform framework, analysts say, will decide the sustainability of the present development momentum and the tempo of restoration in shopper and manufacturing exercise.
The second-quarter efficiency positions Nigeria among the many fastest-growing economies in sub-Saharan Africa for the interval, reinforcing expectations that fiscal consolidation and structural reforms are starting to revive confidence in Africa’s largest financial system.