Nigeria's GDP grew by 3.13% in Q1 2025 after rebasing

Nigeria’s Gross Domestic Product (GDP) grew by 3.13percent (year-on-year) in real terms in the first quarter of 2025 according to data released by the National Bureau of Statistics (NBS).

This growth rate is higher than the 2.27 percent recorded in the first quarter of 2024. The performance of the GDP in the quarter under review was driven mainly by the Services sector, which recorded a growth of 4.33 percent and contributed 57.50 percent to the aggregate GDP.

Related News

NBS also reported that in the first quarter of 2025, Nigeria’s GDP at basic price stood at N94.05 trillion in nominal terms.

This performance is higher when compared to the first quarter of 2024, which recorded an aggregate GDP of N79.5 trillion, indicating a year-on-year nominal growth of 18.30 percent.

The Nigerian economy performance was driven by non-oil sector, contributing 96.03 percent with the oil sector contributing 3.97 percent.

Eniola Olatunji

Eniola Olatunji is an experienced journalist at BusinessDay, where she has specialized in reporting on personal and business finance since March 2022. She focuses on creating engaging and precise news stories, with a keen emphasis on the fixed-income market, banking, personal finance, cost of living, and the Nigerian economy. Her work also encompasses extensive market research and economic trend analysis. Eniola is passionate about empowering individuals to make informed financial decisions and is dedicated to shedding light on the intricate workings of the economy. She holds a Bachelor of Science degree in Pure & Applied Chemistry from the University of Lagos. Eniola Olatunji was shortlisted for The Future Awards Africa Prize for Journalism..