Nigeria’s Gross Domestic Product (GDP) grew by 3.13% year-on-year in real terms in the first quarter of 2025, according to new data released by the National Bureau of Statistics (NBS) on Monday. This marks a significant improvement over the 2.27% growth recorded in Q1 2024, driven mainly by robust activity in the services and industry sectors.
In a related development, the NBS announced that Nigeria’s GDP has been rebased to ₦205 trillion using 2019 as the new base year, replacing the previous 2010 benchmark. Statistician General of the Federation, Adeyemi Adeniran, disclosed that the revised GDP at current prices stood at ₦372.8 trillion (approximately $243 billion) in 2024, reflecting a 41.7% increase from the last rebasing in 2014.
Key Highlights of the New GDP Data:
- Nigeria’s economy was valued at ₦205.09 trillion in 2019, a 41.1% rise compared to the old base year value.
- Subsequent GDP figures show steady growth: ₦213.64 trillion in 2020, ₦243.30 trillion in 2021, ₦274.23 trillion in 2022, ₦314.02 trillion in 2023, and ₦372.82 trillion in 2024.
- Real GDP growth trends: -6.96% in 2020 (pandemic impact), 0.95% in 2021, 4.32% in 2022, 3.04% in 2023, and 3.38% in 2024.
Top Sectors by Contribution:
- Crop production: 17.58%
- Trade: 17.42%
- Real estate: 10.78%
- Telecommunications: 6.78%
- Crude oil and natural gas: 5.85%
The rebased data shows real estate surpassing crude oil and gas due to improved coverage of informal sector activities. Services remain the largest classification, contributing 53.09% of GDP in 2019, followed by agriculture (25.83%) and industries (21.08%).
Adeniran also highlighted the growing impact of the informal economy, which accounted for ₦86.85 trillion or 42.5% of GDP in 2019, up from ₦39 trillion in 2015.
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