Nigeria’s economy showed signs of resilience in the first quarter of 2025, with the Gross Domestic Product (GDP) growing by 3.13% in real terms year-on-year.
According to the National Bureau of Statistics (NBS) latest data released on Monday, this growth rate is higher than the 2.27% recorded in the first quarter of 2024.
The NBS report indicates that the growth was driven primarily by the services sector, which expanded by 4.33% in Q1 2025 and contributed 57.5% to the country’s GDP.
The rebased GDP figures have recalibrated the economic landscape, pushing Nigeria’s nominal GDP to N94.05 trillion in Q1 2025.
This provides a more accurate reflection of the country’s current economic structure.
The agricultural sector grew by 0.07% during the first quarter, while the industries sector grew by 3.42%.
The NBS noted that the growth rate reflects continued expansion in economic activities despite prevailing macroeconomic challenges.
The latest GDP data has sparked optimism about Nigeria’s economic prospects.
According to the NBS, “Gross Domestic Product (GDP) grew by 3.13% (year-on-year) in real terms in the first quarter of 2025.”
This growth trajectory is expected to continue, with some institutions projecting a growth rate of nearly 4% in 2025.
Experts and institutions, including the World Bank and the International Monetary Fund (IMF), have projected Nigeria’s GDP growth rate for 2025.
The World Bank expects Nigeria’s GDP to grow by 3.6%, while the IMF projects a growth rate of 3.4%.
These projections suggest that Nigeria’s economy is poised for modest growth, driven by improvements in the services sector and industrial commodity exports.
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