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.
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.
Additional Source: Africa News
