Economic experts have projected that Nigeria’s Gross Domestic Product (GDP) growth could outperform current estimates if gains in key sectors, particularly services and agriculture, are sustained.
Prof. Ken Ife, Lead Consultant to the ECOWAS Commission, said in an interview in Lagos that increased investment in the services and agricultural sectors would help consolidate recent economic improvements.
He noted that the services sector was likely to post stronger performance in the current quarter, driven by seasonal consumption associated with the ember months.
According to Ife, consumer spending has also benefited from easing transportation costs, following the availability of more affordable petroleum products from the Dangote Refinery.
He added that the implementation of the new tax law would further support growth by improving household purchasing power, citing exemptions on Value Added Tax (VAT) for medical equipment, educational materials and other essential items.
Ife said the policy would enable households to redirect retained income into other sectors of the economy, while Small and Medium Enterprises (SMEs) with turnovers below N100 million would benefit from tax exemptions, supporting expansion and job creation.
He also identified oil and gas as a strong contributor to growth, noting that output had risen to about 1.8 million barrels per day due to improved security and new production frontiers.
Similarly, former Director of Research at the Central Bank of Nigeria (CBN), Mr Chris Nemedia, stressed the need for continued improvements in the business environment to sustain growth.
Nemedia called for increased investment across the agricultural value chain, including mechanisation and processing, to boost food security and export potential. He also urged greater focus on power supply, noting that reliable electricity was critical for industrial productivity.
Meanwhile, data from the National Bureau of Statistics (NBS) showed that Nigeria’s real GDP grew by 3.98 per cent year-on-year in the third quarter of 2025, higher than the 3.86 per cent recorded in the corresponding period of 2024.
