The National Bureau of Statistics (NBS) has reported a year-on-year real GDP growth of 3.13% for Nigeria in the first quarter of 2025, surpassing the 2.27% recorded in Q1 2024.
This follows a rebasing exercise using 2019 as the base year, which aligned previous quarterly estimates with new, higher annual GDP figures.
The robust performance underscores the increasing dominance of the services and industry sectors, according to the NBS.
In nominal terms, aggregate GDP reached N94.05 trillion in Q1 2025, reflecting an 18.30% year-on-year increase from N79.51 trillion in Q1 2024.
The services sector, growing at 4.33%, was the primary driver, contributing 57.50% to the total GDP. Key activities included telecommunications, real estate, financial institutions, trade, construction, and food, beverage, and tobacco manufacturing.
The industry sector also showed strength, expanding by 3.42% compared to 2.35% in Q1 2024.
Agriculture, however, recorded a modest growth of 0.07%, a significant improvement from a 1.79% contraction in the same period last year.
The non-oil sector, which accounted for 96.03% of real GDP in Q1 2025, grew by 3.19%, up from 2.17% in Q1 2024 but slightly below the 3.80% in Q4 2024.
Its commanding share, compared to 95.98% in Q1 2024 and 97.20% in Q4 2024, highlights Nigeria’s ongoing economic diversification.
The NBS noted that telecommunications, crop production, real estate, financial services, trade, construction, and manufacturing were pivotal to this growth.
In the oil sector, Nigeria’s average daily crude oil production rose to 1.62 million barrels per day (mbpd) in Q1 2025, up from 1.57 mbpd in Q1 2024 and 1.54 mbpd in Q4 2024.
Despite this uptick, the oil sector’s real growth slowed to 1.87% year-on-year, down from 4.71% in Q1 2024 and 2.08% in Q4 2024.
On a quarter-on-quarter basis, however, the sector surged by 13.81%. The oil sector’s contribution to real GDP was 3.97%, slightly lower than 4.02% in Q1 2024 but higher than 2.80% in Q4 2024.
The NBS emphasized that the rebased GDP figures provide a more accurate reflection of Nigeria’s economic structure, with services and industry gaining prominence.
The data signals a resilient economy navigating global challenges, with non-oil sectors driving growth and oil production showing modest gains.
These insights, the NBS stated, will guide policymakers in sustaining Nigeria’s economic momentum.
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