Olufunke Aladejare
A new report by the National Bureau of Statistics (NBS) has disclosed that the Nigeria’s economy has expanded by 3.13% in the first quarter of 2025.
This was revealed on the official X handle of National Orientation Agency (NOA).
The report continues, ” The figure reflects real GDP growth on a year-on-year basis and marks an improvement from the 2.27% recorded in the corresponding period of 2024.
“The nominal GDP for Q1 2025 stood at ₦94.05 trillion, while real GDP was estimated at ₦49.34 trillion. The latest growth comes amid broader economic fluctuations in recent years, with NBS data showing annual real GDP growth rates of -6.96% in 2020, 0.95% in 2021,4.33% in 2022, 3.04% in 2023, and 3.38% in 2024.
“Although the Q1 2025 growth rate indicates continued momentum, it is a slight dip compared to the 3.76% growth recorded in Q4 2024. Previous quarters last year saw growth rates of 3.48% in Q2 and 3.86% in Q3, pointing to some seasonal variation in the country’s economic performance.
“The services sector emerged as the major growth driver in the quarter under review, growing by 4.33% and contributing a substantial 57.50% to aggregate GDP. This underscores the rising significance of services such as trade, telecommunications, and finance in shaping Nigeria’s economic trajectory.
“Agriculture, though still facing structural challenges, showed signs of recovery. The sector grew by 0.07%, a notable rebound from the -1.79% contraction it suffered in Q1 2024. The industry sector also contributed significantly to the economy, performing better than in the same quarter of the previous year.
“NBS identified the top 10 sectors contributing to real GDP in Q1 2025. Trade led with an 18.21% share, followed by telecommunications and information services (8.50%), construction (4.47%), and crude petroleum and natural gas (3.97%). Other significant contributors included food, beverage, and tobacco (3.48%), financial institutions (3.27%), livestock (3.13%), and professional, scientific, and technical services (2.47%).
“Oil production also witnessed a modest increase in Q1 2025, with average daily output reaching 1.62 million barrels per day (mbpd). This was 0.05 mbpd higher than the 1.57 mbpd recorded in Q1 2024 and 0.08 mbpd above the Q4 2024 average of 1.54 mbpd.
“Overall, the report offers a cautiously optimistic outlook for Nigeria’s economy, highlighting a steady, service-led growth pattern, incremental recovery in agriculture, and modest gains in the oil sector”.
