The National Bureau of Statistics, NBS, yesterday said that the nation’s economy grew by 3.13 per cent in the first quarter of 2025, following the rebasing of the Gross Domestic Product, GDP, using 2019 as the base year.

This growth represents a 0.86 percentage point increase from the 2.27 per cent recorded in the same period of 2024, Q1’24.

Furthermore, the NBS announced new GDP growth rates for the years 2020 to 2024, saying: “Real GDP growth in 2020 stood at -6.96 per cent and improved to 0.95 per cent in 2021. Higher growth rates were recorded in 2022 and 2023, at 4.32 per cent and 3.04 per cent, respectively. While 2024 recorded a real GDP growth rate of 3.38 per cent.”

In its Nigerian GDP Report Q1’25, the NBS stated: “Gross Domestic Product (GDP) grew by 3.13% (year-on-year) in real terms in the first quarter of 2025. This growth rate is higher than the 2.27% recorded in the first quarter of 2024.

“The performance of the GDP in the quarter under review was driven mainly by the Services sector, which recorded a growth of 4.33% and contributed 57.50% to the aggregate GDP. The agriculture sector grew by 0.07%, from the growth of -1.79% recorded in the first quarter of 2024.

“The growth of the industry sector was 3.42%, from 2.35% recorded in the first quarter of 2024. In terms of share of the GDP, the services and industry sectors contributed more to the aggregate GDP in the first quarter of 2025 compared to the corresponding quarter of 2024. In the quarter under review, aggregate GDP at basic price stood at N94,051,733.20 million in nominal terms.

“This performance is higher when compared to the first quarter of 2024, which recorded an aggregate GDP of N79,505,265.15 million, indicating a year-on-year nominal growth of 18.30%.

“The real growth of the oil sector was 1.87% (year-on-year) in Q1 2025, indicating a decrease of 2.85% points relative to the rate recorded in the corresponding quarter of 2024 (4.71%). Growth decreased by 0.22% points when compared to Q4 2024, which was 2.08%.

“On a quarter-on-quarter basis, the oil sector recorded a growth rate of 13.81% in Q1 2025. The Oil sector contributed 3.97% to the total real GDP in Q1 2025, down from the figure recorded in the corresponding period of 2024 at 4.02%. and up from the preceding quarter, where it contributed 2.80%.

“The non-oil sector grew by 3.19% in real terms during the reference quarter (Q1 2025). This rate was higher by 1.02% points compared to the rate recorded in the same quarter of 2024, which was 2.17% and lower than the 3.80% recorded in the fourth quarter of 2024.”