THE Centre for the Promotion of Private Enterprise (CPPE) has said that the rebased gross domestic product (GDP) numbers highlight the need to strengthen productivity in critical sectors such as agriculture, manufacturing, and trade.

The CPPE Chief Executive Officer, Muda Yusuf, made this submission in a statement he signed on Sunday, August 3.

He noted that the sectors are essential for economic inclusion, job creation, self-reliance, economic security, and diversification.

The renowned economist, however, expressed worries that the sectors’ current growth rates remain below expectations, noting that agriculture grew by only 0.7 per cent and manufacturing by 1.7 per cent in the first quarter of this year.

“These sectors require targeted interventions to unlock their full potential and drive sustainable development,” Yusuf stated.

The ICIR reported that the National Bureau of Statistics (NBS), on Monday, July 21, released the long-awaited rebased GDP now anchored to a new base year of 2019.

The rebasing was carried out to reflect current economic realities, including recent changes in consumption patterns, production technologies, and sectoral dynamics, which are essential for effective policy formulation, planning, and investment decisions.

According to the NBS, Nigeria’s nominal GDP stood at 372.82 trillion as of 2024. The economy grew by 3.38 per cent in 2024 but moderated by 3.13 per cent in the first quarter of 2025, with total output for the quarter at N94 trillion, The ICIR had reported.

“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 disruption in the economy,” Yusuf said.

A review of the GDP data showed that 37 sectors recorded growth, nine contracted, and three were in recession.

But 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,” Yusuf said.

He, therefore, urged that special attention be directed to 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.

He also called for sustained support for high-performing sectors to further improve their output, leveraging their potential as engines of growth, revenue generation, and job creation.

In bridging the revenue gap, Yusuf said, “There is a pressing need to address the disconnect between the non-oil sector’s significant GDP contribution and its relatively lower contribution to government revenue.

“Strengthening tax administration, broadening the tax base, optimising non-tax revenues and promoting formalisation of economic activities in the informal sector are essential steps.”

The CPPE boss is also advocating for more frequent and timely GDP re-basing exercises to ensure that economic data remains current and relevant for policy and investment decisions.

He believes this can be better achieved through continuous engagement with stakeholders, including government agencies, private sector participants, researchers, and development partners, as a vital tool for effective policy formulation and implementation.

“The CPPE remains committed to supporting evidence-based policymaking and investment decisions and urges stakeholders to leverage these improved statistics for strategic planning, investment decisions, and policy development.

“Continuous engagement and timely updates will ensure that Nigeria’s economic data remains robust, reliable, and fit for purpose, guiding the nation toward sustainable growth and development,” he maintained.

The ICIR had earlier reported the concerns of the Manufacturers Association of Nigeria (MAN) that the latest rebased GDP figures indicate that the manufacturing sector is underperforming.

MAN director-general Segun Ajayi-Kadir, who shared the worries, had urged the federal government to prioritise the manufacturing sector to reflect the real economic situation and gains of the rebased GDP.