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The National Bureau of Statistics (NBS) has announced that Nigeria’s Gross Domestic Product (GDP) grew by 3.46% in real terms year-on-year in the first quarter of 2025.
According to figures released by the bureau in Abuja on Monday, July 21, 2025, it reflects a modest improvement compared to the 2.98% growth recorded in the fourth quarter of 2024, but a slight decline from the 3.61% posted in Q1 2024.
The latest GDP data, released in the context of Nigeria’s rebased national accounts, signals continued expansion in economic activities despite prevailing macroeconomic challenges.
Meanwhile, Nigeria’s GDP has been rebased from N80 trillion to N205 trillion.
This is according to the Statistician General of the Federation, Adeyemi Adeniran.
The figure, according to him, showed an increase of 41. 7 per cent compared to the figures obtained during the 2014 GDP rebasing exercise.
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Adeniran disclosed that the top five performing sectors include crop production, trade, real estate, telecommunications and oil and gas.
The recent rebasing covered the period between 2019 to 2023, using 2019 as the new base year.
GDP rebasing is the process of updating the base year used to calculate the Gross Domestic Product (GDP) to reflect changes in the structure and composition of an economy.
This involves using a more recent base year to accurately reflect modern economic activities, consumption patterns, and sectoral contributions.
By: Babajide Okeowo
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