Nigeria’s GDP Grew By 3.13% In Q1 2025 – NBS
Latest data released on Monday by the National Bureau of Statistics(NBS) indicates that Nigeria’s Gross Domestic Product (GDP) grew by 3.13 percent in the first quarter of 2025.
The latest growth figure was pushed by the services sector, which expanded by 4.33 percent and contributed 57.5 percent to the GDP.
Statistician General of the Federation and Chief Executive officer of NBS, Prince Adeyemi Adeniran who disclosed the development said it was an improvement from the 2.27 percent growth recorded in the corresponding quarter of 2024.
Agriculture sector grew marginally by 0.07% in real terms better than the -1.79% contraction recorded in Q1 2024 but still far from its potential. In nominal terms, the sector contributed 19.40% to GDP, down from 20.86% in Q1 2024.
The new figures emerged from the successful rebasing of Nigeria’s national accounts to 2019 prices from the previous 2010 base year.
This, according to the apex statistical agency, is essential to ensure that the National Accounts reflect a more accurate and current picture of the structure of the economy.
Prince Adeniran noted that the services sector continued to play a leading role in economic output, growing by 4.33% year-on-year and contributing 57.50% to real GDP.
According to him, the Telecommunications and Information Services showed strong promises expanding by 7.40% in real terms and accounting for 10.59% of GDP, compared to 10.17% in Q1 2024.
The report notes that the Finance and Insurance sector were not left out in the race as they witnessed growth of 15.03%, aided by digital innovation, broader financial inclusion, and improved operational efficiencies in banks and fintechs.
Positives also came from the Trade, Real Estate, and Transportation sectors. Trade grew by 1.78%, contributing 18.21% to GDP, while Real Estate rose 4.61%, and the transportation sector surged by 14.08%, influenced by positive growth across road, rail, air, water, and pipelines.
For the industry, the sector recorded a year-on-year growth of 3.42% in Q1 2025, compared to 2.35% in Q1 2024. Within the sector, oil production averaged 1.62 million barrels per day (mbpd), an increase from 1.57 mbpd in the same period of 2024.
The development however did not mean stronger real growth as the oil sector’s real GDP growth decelerated to 1.87%, down from 4.71% a year earlier, with its share of total GDP declining slightly to 3.97% from 4.02%.
The manufacturing sector posted a real growth of 1.69%, led by sub-sectors such as Food, Beverage and Tobacco (3.48%), Chemical and Pharmaceutical Products (5.33%), and Cement (4.94%). The manufacturing sector contributed 9.62% to GDP in real terms.
The construction sector remained strong with 6.21% growth, reflecting a combination of government infrastructure projects and ongoing real estate development.
