Nigeria’s economy is on track to hit a landmark $450 billion by the end of 2025, driven by robust growth in the non-oil sector, according to the Centre for the Promotion of Private Enterprise (CPPE). This optimistic projection, outlined in the CPPE’s statement on Nigeria’s GDP rebasing and Q1 2025 GDP report, offers hope for communities across the country, including those in Rivers State, where economic diversification could unlock new opportunities.
The CPPE’s analysis, signed by Managing Director Dr. Muda Yusuf, highlights that Nigeria’s nominal GDP reached N372.82 trillion in 2024, a 41% increase from 2019 figures, following a recent rebasing by the National Bureau of Statistics (NBS). By Q1 2025, the economy recorded a cumulative GDP of approximately N466 trillion, or $300 billion, with a growth rate of 3.13%. If recovery from recent economic reforms continues without major disruptions, the CPPE projects the economy could reach $450 billion by December. However, the report notes that 37 sectors grew, nine contracted, and three were in recession, signaling uneven progress.
The non-oil sector is leading the charge, with agriculture’s GDP contribution rising to 25.8% from 22.12% and the service sector climbing to 53.09% from 50.22%. Key contributors include crop production (17.58%), trade (17.42%), real estate (10.78%), ICT (6.18%), and crude oil (5.85%). In Rivers State, where oil remains a major economic driver, the growth of non-oil sectors like trade and ICT could create jobs and reduce reliance on volatile oil revenues. Yet, the CPPE warns that the non-oil sector’s low contribution to government revenue highlights productivity and tax collection challenges, a concern for regions like Rivers aiming to diversify.
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For everyday Nigerians, these figures are more than numbers, they’re a glimpse of hope amid hardship. In Port Harcourt, Rivers State, trader Ruth Norbert shared, “If the economy grows, maybe we’ll see better markets and more customers. But the government needs to make it real for us.” The CPPE echoes this, urging stronger tax administration and support for high-performing sectors like agriculture and manufacturing, which grew sluggishly at 0.7% and 1.7%, respectively.
The CPPE also praised the NBS for its rebasing efforts despite limited resources and called for more frequent updates to ensure accurate economic data. As Nigeria aims for a $1 trillion economy by 2030, addressing underperforming sectors and boosting revenue collection will be critical to ensuring growth benefits all, from Lagos to Rivers State.
