Nigeria’s Gross Domestic Product (GDP) grew by 3.13 per cent year-on-year in real terms during the first quarter of 2025, according to the National Bureau of Statistics (NBS).
The NBS reported on Monday that this marks an improvement over the 2.27 per cent recorded in the same quarter of 2024.
The Bureau stated that the services and industry sectors mainly drove the economic performance in Q1 2025.
It said, “GDP grew by 3.13 per cent (year-on-year) in real terms in Q1 2025, surpassing the 2.27 per cent recorded in Q1 2024.”
Meanwhile, the government has rebased the country’s GDP from 2010 to 2019, estimating the economy at ₦205.09 trillion in 2019.
Statistician-General of the Federation, Adeyemi Adeniran, explained that the new figure reflects a 41.1 per cent increase from the previous base year estimate and is part of the rebasing exercise covering 2019 to 2023.
He stated that GDP at current prices reached ₦372.82 trillion (approximately $243 billion) in 2024, following the new base year adjustment.
Adeniran highlighted the top-performing sectors under the new base year: crop production (17.58%), trade (17.42%), real estate (10.78%), telecommunications (6.78%), and crude petroleum and natural gas (5.85%). Real estate overtook crude oil due to improved coverage of informal activity.
He noted that the services sector remained the dominant contributor to GDP, accounting for 53.09% in 2019, followed by agriculture at 25.83% and industry at 21.08%.
The informal sector’s contribution was also substantial, estimated at ₦86.85 trillion in 2019—42.5% of total GDP—compared to ₦39 trillion in 2015.