Nigeria’s ongoing economic reforms are beginning to yield measurable results with inflation easing to 16.05 percent in November 2025 and real Gross Domestic Product GDP growing by 3.98 percent in the third quarter the Federal Government has announced.
The Minister of Budget and Economic Planning Senator Abubakar Atiku Bagudu disclosed this on Monday in Abuja during the launch of the Power of Data High Impact Initiative and the National Strategy for the Development of Statistics NSDS 2024 to 2028. The initiatives are aimed at strengthening Nigeria’s statistical system and promoting evidence based policy making.
Bagudu said that since 2023 the Federal Government has supported the National Bureau of Statistics in completing critical national exercises including the rebasing of GDP and the Consumer Price Index as well as the National Agricultural Sample Census the first of its kind in over three decades. According to him these efforts are designed to bridge data gaps and provide reliable statistics to guide economic planning and reforms.
He noted that the impact of the reforms is already evident. According to Bagudu headline inflation declined to 16.05 percent in November while the economy recorded a 3.98 percent real GDP growth in the third quarter representing the second highest quarterly growth rate since the COVID 19 pandemic.
The Minister added that Nigeria’s reform efforts have attracted positive responses from global credit rating agencies with S and P Global Ratings upgrading the country’s outlook to Positive and Fitch Ratings affirming a Stable outlook.
Bagudu emphasized that investment in a modern statistical system delivers significant returns citing studies that estimate an average return of 32 dollars for every dollar invested. He explained that the Power of Data and NSDS initiatives will prioritize technology data infrastructure and human capital development to ensure that statistics effectively drive government policy and development outcomes.
He urged all stakeholders to commit to the effective implementation of the NSDS and the Power of Data roadmap stressing that evidence based governance is central to achieving the objectives of the Renewed Hope Agenda.
Also speaking at the event the Statistician General of the Federation and Chief Executive Officer of the National Bureau of Statistics Prince Adeyemi Adeniran announced the release of the updated Sustainable Development Goals Tracking Exercise for 2024 covering more than 200 SDG related indicators a major milestone in strengthening Nigeria’s statistical framework.
Adeniran explained that the Power of Data initiative is one of twelve United Nations High Impact Initiatives designed to accelerate progress on the SDGs. He said that since Nigeria aligned with the initiative in 2024 the country has worked with partners including OSSAP SDGs NITDA various UN agencies and the World Bank to develop a clear implementation roadmap with defined roles and responsibilities.
He described the development of the new NSDS document as the most comprehensive and inclusive process ever undertaken by the Bureau involving extensive national and zonal consultations with stakeholders from government the private sector civil society academia and development partners.
Adeniran stressed that aligning the Power of Data roadmap with the NSDS would ensure smooth implementation and urged stakeholders to embrace the Data Sharing and Application mantra of recording sharing and applying data noting that even modest improvements in data use can deliver significant gains in development outcomes and citizens welfare.
