Nigeria’s Gross Domestic Product (GDP) grew by 3.13 per cent in real terms in the first quarter of 2025, up from 2.27 per cent recorded in Q1 2024, according to the newly released rebased data by the National Bureau of Statistics (NBS).
Announcing the figures in Abuja, the Statistician General, Prince Adeyemi Adeniran, confirmed that the country’s GDP has now been rebased using 2019 as the new base year, replacing the previous benchmark.
He explained that the rebasing aligns quarterly GDP figures with updated annual estimates for more accurate measurement of Nigeria’s economic performance.
“Quarterly GDP estimates grew by 3.13 per cent (year-on-year) in real terms in the first quarter of 2025. This growth rate is higher than the 2.27 per cent recorded in the first quarter of 2024,” Adeniran said.
Related Posts
Services Sector Remains Major Driver
The report showed that the services sector continues to be Nigeria’s biggest economic driver, growing by 4.33 per cent and contributing 57.50 per cent to the aggregate GDP.
The agriculture sector showed signs of recovery, expanding by 0.07 per cent from -1.79 per cent in Q1 2024. Meanwhile, the industry sector posted a growth of 3.42 per cent, up from 2.35 per cent a year ago.
In nominal terms, Nigeria’s aggregate GDP at basic prices stood at N94.05 trillion in Q1 2025, compared to N79.50 trillion in Q1 2024, marking an 18.30 per cent year-on-year nominal growth.
Despite the rebasing, Nigeria remains Africa’s fourth-largest economy, with its economy valued at N372.82 trillion ($243.5 billion at N1,529.53/$1). South Africa, Egypt, and Algeria still maintain higher nominal GDPs.
Reacting to the new figures, Dr. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise (CPPE), said the updated GDP offers a clearer picture of Nigeria’s economic structure but fell short of the dramatic jump many analysts expected.
“The good thing is that we now have a clearer picture of the structure of the economy,” Yusuf noted.
“The economy is slightly bigger than what it used to be, but not as big as some analysts expected.”
He highlighted a significant shift: the real estate sector now ranks third in contribution to GDP, displacing crude oil. The ICT sector has also grown considerably, while agriculture’s share increased to about 26 per cent from 22.12 per cent before rebasing. Conversely, industry’s share has dropped to 21.08 per cent from 27.7 per cent, while services have surged to 53.09 per cent from 15.22 per cent.
Yusuf stressed that the full benefits of ongoing economic reforms will take time to reflect in GDP figures.
“2024 was a year of transition. In 2025, barring any major political disruptions, we expect stronger GDP performance as the reforms take root and the environment improves for investment and productivity.”
He urged policymakers to maintain focus on an enabling business environment to unlock Nigeria’s full economic potential.
Stay tuned to 9am News Nigeria for more Breaking News, Business News, Sports updates And Entertainment Gists.
