Nigeria’s Gross Domestic Product grew by 3.13 percent year-on-year in real terms in the first quarter of 2025, up from 2.27 percent in the same period last year. The National Bureau of Statistics (NBS), which released the report on Monday, said the growth was driven mainly by activities in the services and industry sectors.
The Statistician General of the Federation, Adeyemi Adeniran, also announced that Nigeria’s GDP has been rebased from the previous 2010 benchmark to 2019, placing the economy’s value at N205.09 trillion for that year. This represents a 41.1 percent increase compared to the last rebasing in 2014.
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Following the rebasing, GDP in current prices was estimated at N372.8 trillion ($243 billion) in 2024. Real GDP growth in the years following 2019 showed a dip in 2020 at -6.96 percent but rebounded in subsequent years, reaching 3.38 percent in 2024.
Adeniran highlighted crop production, trade, real estate, telecommunications, and crude oil and gas as the top five economic activities. He also noted that the informal sector contributed N86.85 trillion, or 42.5 percent, to the 2019 GDP — more than double the figure from 2015.
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