The Centre for the Promotion of Private Enterprise (CPPE) has applauded the National Bureau of Statistics (NBS) for its recent rebasing of Nigeria’s Gross Domestic Product (GDP) but has also urged the agency to institutionalize regular and timely updates to maintain the relevance and credibility of the country’s economic data.

In a statement issued by its Chief Executive Officer, Dr. Muda Yusuf, the CPPE described the rebasing to a new base year of 2019 as a “significant milestone” in Nigeria’s economic management efforts. The move, it said, aligns the country’s statistical practices with international standards and enhances the accuracy of macroeconomic data used for policy formulation and investment planning.

However, Yusuf emphasized that more frequent rebasing exercises are necessary to ensure economic data remains current.

“The CPPE urges that future rebasing exercises be conducted more regularly and in a timely manner, in line with global standards, to maintain the relevance and credibility of Nigeria’s economic data,” the statement read.

Revised GDP and Sectoral Growth

According to the NBS report titled “Rebasing of Gross Domestic Product (GDP)”, Nigeria’s GDP stood at N372.8 trillion in 2024 following the recalibration using 2019 as the new base year. The rebased GDP figures showed that nominal GDP for 2019 was N205.09 trillion, increasing consistently to N213.63 trillion in 2020, N243.30 trillion in 2021, N274.23 trillion in 2022, N314.02 trillion in 2023, and N372.82 trillion in 2024.

The revision led to a 41.7 percent increase in nominal estimates over the previous base-year data from 2010, far lower than the 59.7 percent increase recorded during the last rebasing. Real GDP growth post-rebasing was estimated at -6.96 percent in 2020 (attributed to the COVID-19 shock), then recovered to 0.95 percent in 2021, 4.32 percent in 2022, 3.04 percent in 2023, and 3.38 percent in 2024.

The agricultural sector emerged as the leading growth driver, with its strongest performance of 2.66 percent recorded in 2020. In contrast, the industrial sector contracted by a steep 22.72 percent in the same year, while the services sector shrank by 5.37 percent.

Mounting Worries Over Data Integrity

While CPPE’s commendation highlights progress, the rebasing comes at a time of rising public and expert skepticism about the accuracy of data being published by several Nigerian government agencies. Economists and policy analysts have increasingly raised red flags over discrepancies, outdated methodologies, and inconsistencies in official economic statistics.

Some experts say delays in rebasing and a lack of sectoral transparency have contributed to poor policy choices, misallocation of resources, and uncertainty in investment decision-making.

“The NBS results show that some food-producing states are experiencing very high inflation rates, while major consuming states have significantly lower rates,” Managing Director of Financial Derivatives Company, Bismarck Rewane, said in May.

He highlighted that inflation was highest in Benue state at 51 percent, Ekiti at 34 percent, and Kebbi at 33 percent — all key food-producing states.

In contrast, “inflation was lowest in consuming states such as Ebonyi with 7.19 percent, Adamawa at 9.52 percent, and Ogun at 9.91 percent,” he said.

In January, the NBS had defended its choice of 2019 as the new base year for GDP, noting that it represented a period of “relative economic stability” compared to years dominated by pandemic disruptions and global economic shocks.

The CPPE is now calling on the government to support the NBS with stronger institutional capacity, financial independence, and legal backing to carry out its mandate without political interference.

“Reliable data is the cornerstone of economic development. Nigeria must prioritize the integrity and frequency of its statistical reports,” Yusuf said.

The rebasing exercise, while important, has reignited conversations about the broader health of Nigeria’s data infrastructure—and whether it can be trusted to inform the country’s path to recovery and growth.

Apple delivered its strongest quarterly performance in nearly three years, surpassing Wall Street expectations for both profit and revenue in its fiscal third quarter ended June 28.

Buoyed by robust iPhone sales and an unexpected rebound in China, the tech giant also reaffirmed its growing commitment to artificial intelligence, signaling plans to embed it deeply across its product lines.

The company posted earnings per share of $1.57, beating the $1.43 analysts had forecast, on revenue of $94.04 billion — its highest growth since December 2021. That represented a 10% increase year over year. Net income rose to $24.43 billion from $21.45 billion a year ago. Apple shares rose in after-hours trading following the announcement.

“This was an exceptional quarter by any measure,” CEO Tim Cook said in an interview with CNBC.

iPhone: Still the Growth Engine

Apple’s iPhone segment — its most crucial business — delivered $44.58 billion in revenue, growing 13% from a year earlier and beating consensus estimates of $40.22 billion. Cook credited the strong showing to the popularity of the iPhone 16, which he said is seeing “strong double-digit” sales growth compared to last year’s iPhone 15 lineup. He added that the growth was fueled in part by existing iPhone users upgrading to newer models.

Cook also revealed that roughly one percentage point of Apple’s overall 10% revenue growth came from consumers advancing their purchases in anticipation of potential tariffs.

Mac Sees Fastest Growth Among Units

While the iPhone led in absolute revenue, Apple’s Mac segment posted the fastest growth rate, climbing nearly 15% to $8.05 billion. The bump followed the company’s release of new MacBook Air laptops — its best-selling model — just ahead of the quarter.

Services, Apple’s second-largest segment, rose 13% to $27.42 billion, bolstered by growth in iCloud subscriptions and double-digit increases in App Store revenue. This area includes content subscriptions, warranty sales, licensing deals with Google, and cloud services. Apple’s gross margin for the quarter came in at 46.5%, higher than the 45.9% estimate.

Weak Spots in iPad and Wearables

Not every category recorded gains. iPad revenue fell 8% to $6.58 billion despite a new budget iPad model launched in March. Meanwhile, the wearables division — which includes Apple Watch, AirPods, and accessories — saw sales decline 8.64% to $7.4 billion.

The “Other Products” category also missed Wall Street’s forecast, signaling weakening demand in Apple’s accessory and wearable lines even as its core businesses gained momentum.

China Bounces Back

In a notable shift, Apple reported a 4% increase in Greater China revenue to $15.37 billion, after two consecutive quarters of year-over-year declines. Cook attributed part of the rebound to government subsidies that applied to some Apple devices.

“The subsidy does apply to some of our products, and it clearly helps,” he said.

That recovery in China is significant given earlier reports of intensifying competition from Chinese smartphone makers and waning local demand.

Tariff Costs and Outlook

Cook disclosed that Apple incurred $800 million in tariff-related expenses during the June quarter, lower than its prior estimate of $900 million. For the September quarter, Apple anticipates costs of about $1.1 billion, assuming no changes in U.S.-China trade policies.

Despite this, Apple expects mid- to high-single-digit increases in overall revenue and services revenue growth similar to this quarter’s 13%. Gross margins are projected to remain strong, between 46% and 47%, even accounting for tariff expenses.

A Pivot to AI

The report also highlighted Apple’s increasing investment in artificial intelligence — a space where it has trailed rivals like Google, Microsoft, and Amazon in public announcements. At June’s Worldwide Developers Conference (WWDC), Apple’s AI announcements received a lukewarm reception from investors, but Cook attempted to reframe that narrative during the earnings call.

“We are significantly growing our investments,” he said. “We’re embedding [AI] across our devices, across our platforms and across the company.”

Cook also disclosed that Apple has acquired “around seven” companies so far in 2025, although none of the deals were major in terms of cost. He emphasized Apple’s openness to mergers and acquisitions that can accelerate its product roadmap.

Asked whether emerging AI devices — such as those being built by OpenAI — might eventually compete with or replace the iPhone, Cook downplayed the threat.

“It’s difficult to see a world where iPhone is not living in it,” he said, suggesting such devices would more likely complement than displace Apple’s flagship product.

With $133 billion in cash reserves and several growth levers still active — from services to Macs to AI — Apple appears to be entering its final fiscal quarter of the year with renewed momentum.