Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has attributed the country’s second-quarter 2025 GDP growth of 4.23% to the ongoing fiscal and structural reforms under President Bola Tinubu’s administration.
Edun said the growth performance reflected early gains from the government’s economic stabilisation measures, including foreign exchange unification, fuel subsidy removal, and tighter fiscal coordination.
According to him, the administration’s medium-term objective is to accelerate output expansion to between 6% and 7% by 2027, driven by increased private sector participation and sustained reform implementation.
He explained that the policy direction under the Renewed Hope Agenda is focused on restoring investor confidence, diversifying export earnings, and strengthening productivity across critical sectors.
The minister said the performance of agriculture, manufacturing, and services was encouraging, indicating that reforms are beginning to translate into measurable economic activity.
“The latest GDP figures confirm that we are moving in the right direction. Thirteen sectors recorded growth above seven percent in the last quarter, showing that policy consistency is starting to yield results,” Edun stated. “Our focus now is to consolidate these gains and ensure that growth delivers tangible improvements in jobs, incomes, and living standards.”
Data from the National Bureau of Statistics showed that the non-oil sector remained the key driver of the second-quarter performance, supported by growth in ICT, trade, and financial services.
The oil sector also showed moderate recovery as production volumes stabilised, contributing to overall output expansion.
Analysts note that while the 4.23% growth rate represents a notable improvement over the previous quarter, the pace remains below the level required to significantly reduce poverty and close Nigeria’s infrastructure gap. They, however, describe the result as a signal of improving macroeconomic stability following several quarters of policy-induced adjustment.
Edun reaffirmed the government’s plan to build a $1 trillion economy by the end of the decade through increased capital investment, stronger industrial linkages, and a business-friendly regulatory environment.
He said reforms targeting energy, logistics, and digital transformation will play a central role in achieving this growth trajectory.
He added that the government will continue to maintain policy discipline and transparency to attract long-term foreign investment and support credit expansion to productive sectors.
Market participants expect further improvement in output in subsequent quarters if inflation moderates and foreign exchange liquidity continues to strengthen.
The government’s reform framework, analysts say, will determine the sustainability of the current growth momentum and the pace of recovery in consumer and manufacturing activity.
The second-quarter performance positions Nigeria among the fastest-growing economies in sub-Saharan Africa for the period, reinforcing expectations that fiscal consolidation and structural reforms are beginning to restore confidence in Africa’s largest economy.