Nigeria’s Rebased GDP Grows by 3.13% Y-o-Y in Q1 2025

Following the rebasing of Nigeria’s Gross Domestic Product (GDP) using 2019 as the new base year, the National Bureau of Statistics (NBS) has aligned previous quarterly GDP estimates with the updated series. The new data shows that Nigeria’s real GDP grew by 3.13% year-on-year (YoY) in Q1 2025, up from 2.27% in Q1 2024.

This growth was driven primarily by the services sector, which expanded by 4.33% and accounted for 57.50% of aggregate GDP. The industry sector also recorded growth of 3.42%, improving from 2.35% in Q1 2024. The agriculture sector grew marginally by 0.07%, recovering from a contraction of -1.79% in the same period last year. In nominal terms, aggregate GDP stood at N94.05trn in Q1 2025, representing an 18.30% increase compared to N79.51trn recorded in Q1 2024.

The Oil Sector

The nation’s average daily oil production in the first quarter of 2025 was 1.62 million barrels per day (mbpd), 0.05 mbpd higher than the daily average production of 1.57 mbpd recorded in the same quarter of 2024. This was also 0.08 mbpd higher than the production volume in the fourth quarter of 2024, which was 1.54 mbpd.

The real growth of the oil sector was 1.87% (year-on-year) in Q1 2025, indicating a decrease of 2.85% relative to the rate recorded in the corresponding quarter of 2024 (4.71%). Growth decreased by 0.22% when compared to Q4 2024, which was 2.08%. On a quarter-on-quarter basis, the oil sector recorded a growth rate of 13.81% in Q1 2025. The Oil sector contributed 3.97% to the total real GDP in Q1 2025, down from the figure recorded in the corresponding period of 2024 at 4.02%. and up from the preceding quarter, where it contributed 2.80%.

The Non-Oil Sector

The non-oil sector grew by 3.19% in real terms during the reference quarter (Q1 2025). This rate was 1.02% higher than the rate recorded in the same quarter of 2024, which was 2.17%, and lower than the 3.80% recorded in the fourth quarter of 2024. This sector was primarily driven in the first quarter of 2025 by Information and Communication, Agriculture, Real Estate, Financial and Insurance, Trade, Construction, and Manufacturing, which collectively contributed to positive GDP growth. In real terms, the non-oil sector contributed 96.03% to the nation’s GDP in the first quarter of 2025, higher than the share recorded in the first quarter of 2024, which was 95.98% and lower than the fourth quarter of 2024, which was 97.20%.