The National Bureau of Statistics (NBS) has reported that Nigeria’s economy grew by 3.13% in the first quarter (Q1) of 2025, following the rebasing of the country’s Gross Domestic Product (GDP) using 2019 as the new base year.
This growth reflects a 0.86% point increase compared to the 2.27% recorded in Q1 2024, according to the NBS’ Nigerian Gross Domestic Product Report (Q1 2025).
In the report, the NBS also released revised GDP growth rates for previous years:
- 2020: -6.96%
- 2021: 0.95%
- 2022: 4.32%
- 2023: 3.04%
- 2024: 3.38%
Sectoral Performance
The NBS noted that the services sector was the primary driver of growth, expanding by 4.33% and contributing 57.50% to aggregate GDP. The agriculture sector saw a marginal improvement, recording 0.07% growth compared to a contraction of -1.79% in Q1 2024.
The industry sector also showed stronger performance, growing by 3.42%, up from 2.35% in the corresponding period of the previous year.
Aggregate GDP at basic prices in nominal terms stood at ₦94.05 trillion in Q1 2025, representing an 18.30% year-on-year increase from the ₦79.51 trillion recorded in Q1 2024.
Oil vs Non-Oil Sector
The report highlighted a mixed performance in the oil sector, which grew by 1.87% year-on-year in real terms, down from 4.71% in Q1 2024 and slightly below the 2.08% recorded in Q4 2024. However, on a quarter-on-quarter basis, the oil sector recorded a significant 13.81% growth.
The oil sector contributed 3.97% to total real GDP in Q1 2025 slightly lower than the 4.02% recorded in Q1 2024, but an increase from 2.80% in Q4 2024.
Meanwhile, the non-oil sector grew by 3.19% in real terms, up from 2.17% in Q1 2024, though slightly below the 3.80% posted in Q4 2024.
