The National Bureau of Statistics (NBS) on Monday said the nation’s annual gross domestic product (GDP) rate was 3.13 percent in the first quarter (Q1) of 2025.
This is higher than the 2.27%reported in the first quarter of 2024.
According to data released today, NBS said the performance of the GDP in the period reviewed was driven mainly by the services sector, which recorded a growth rate of 4.33 percent and contributed 57.50 percent to the aggregate GDP.
“Following the rebasing of the Gross Domestic Product using 2019 as the base year, previous quarterly GDP estimates were benchmarked to the rebased annual estimates to align the old series to the new rebased estimates,” NBS said.
“This procedure provided new quarterly GDP series, which are compared to the 2025 first quarter estimates. 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.”
According to NBS, the rebased Gross Domestic Product figures of Nigeria using a base year of 2019 are as follows :
In nominal terms, the rebased GDP for 2019 stood at N205.09trillion, N213.63 trillion in 2020, N243.30 trillion in 2021, N274.23 trillion in 2022, N314.02 trillion in 2023, and N372.82 trillion in 2024.
This revision represents a 41.7% increase in nominal estimates compared to a 59.7% revision in the 2010 rebasing exercise.
Real GDP growth in 2020 stood at -6.96% and improved to 0.95% in 2021. Higher growth rates were recorded in 2022 and 2023, at 4.32% and 3.04%, respectively. While 2024 recorded a real GDP growth rate of 3.38%.
