Nigeria’s economy expanded by 3.13% year-on-year in the first quarter of 2025, following a major rebasing of the country’s gross domestic product (GDP), the National Bureau of Statistics announced on Monday.
Nigeria’s economy grows 3.13% in Q1 2025 after GDP rebasing
cleared
-
Copyright © africanews
AP Photo
The updated GDP figures use 2019 as the new base year and put the economy's size at 372.8 trillion naira ($243.7 billion). The Q1 growth marks an improvement from the 2.27% recorded in the same period last year.
The Services sector led the growth, expanding by 4.33% and contributing over 57% to total GDP. The Industry sector followed with 3.42% growth, while agriculture barely grew at 0.07%, recovering from negative growth in Q1 2024.
Despite the modest performance compared to a 4.9% forecast by analysts, officials say the rebasing offers a more accurate picture of Nigeria’s economic structure and recent momentum.