Nigeria’s Gross Domestic Product (GDP) has increased by 3.13% in real terms year-on-year in the first quarter of 2025, according to a report released on Monday by the National Bureau of Statistics (NBS).
The growth is mainly driven by the service industry, the growth rate surpasses the 2.27% recorded in the first quarter of 2024.
The NBS recently rebased the GDP, using 2019 as the new base year for calculations, a decision driven by the year’s “relative economic stability.”
This rebasing aims to provide a more accurate and comprehensive picture of the country’s economic structure, incorporating new and emerging sectors.
The services sector was the primary driver of this growth, expanding by 4.33% and contributing 57.50% to the aggregate GDP. The Industry sector also saw significant growth at 3.42%, up from 2.35% in the first quarter of 2024.
The Agriculture sector, which experienced negative growth in Q1 2024, rebounded to 0.07% growth in Q1 2025. Both the Services and Industry sectors increased their contributions to the aggregate GDP compared to the corresponding quarter in 2024.
In nominal terms, the aggregate GDP stood at N94,051.733.20 million in Q1 2025, an 18.30% year-on-year increase from N79,505,265.15 million in Q1 2024 .
According to the statement, sectoral performances indicate that average daily oil production reached 1.62 million barrels per day (mbpd) in Q1 2025, an increase from 1.57 mbpd in Q1 2024 and 1.54 mbpd in Q4 2024, while the real growth of the oil sector was 1.87% year-on-year in Q1 2025, a decrease of 2.85 percentage points from 4.71% in the corresponding quarter of 2024.
The oil sector contributed 3.97% to the total real GDP in Q1 2025, slightly down from 4.02% in Q1 2024.
Also the non-oil sector grew by 3.19% in real terms in Q1 2025, higher than the 2.17% recorded in the same quarter of 2024, key drivers included Information and Communication (Telecommunications), Agriculture (Crop production), Real Estate, Financial and Insurance (Financial institutions), Trade, Construction, and Manufacturing (Food, Beverage, and Tobacco).
The sector contributed 96.03% to the nation’s GDP in Q1 2025, an increase from 95.98% in Q1 2024.
The Mining & Quarrying sector decreased by 5.33% year-on-year in Q1 2025, normally while the Metal Ore (83.55%) and Quarrying and Other Mining (56.13%) showed the highest growth rates within this sector.
“Crude Petroleum and Natural Gas was the main contributor with an 89.16% weight.
“In real terms, the sector grew by 2.97% year-on-year in Q1 2025.
Its contribution to real GDP was 4.22% in Q1 2025, lower than the 4.23% in Q1 2024”.
The rebasing of the GDP, which shifted the base year from 2010 to 2019, is a routine statistical exercise designed to ensure that national accounts reflect current realities and to incorporate structural changes in the economy, such as the growth of information and communication technology, e-commerce, digital finance, and the creative industry.
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