Nigeria’s Gross Domestic Product (GDP) grew by 3.13 per cent in the first quarter of 2025, driven primarily by the services sector, which recorded a growth of 4.33 per cent and contributed 57.50 per cent to the aggregate GDP.
The Statistician-General (S-G) of the Federation, Adeyemi Adeniran, made the announcement at a news briefing on the Rebased GDP Results released by the National Bureau of Statistics (NBS) on Monday in Abuja.
He said the growth rate is higher than the 2.27 per cent recorded in the first quarter of 2024.
Adeniran said the services sector grew by 4.33 per cent, contributing 57.50 per cent to the aggregate GDP.
He said notable performances came from telecommunications, expanding by 7.40 per cent, and the finance and insurance sector, growing by 15.03 per cent.
According to him, the industry sector recorded a growth rate of 3.42 per cent, an improvement from 2.35 per cent in Q1 2024.
He said, ”The manufacturing sector posted a real growth of 1.69 per cent, with notable performances from food, beverage, and tobacco (3.48%), chemical and pharmaceutical products (5.33%), and cement (4.94%).
”Agriculture sector grew marginally by 0.07 per cent in real terms, improving from a -1.79 per cent contraction in Q1 2024″, he added.
He further said, ”Crop production saw 3.71 per cent real growth, while livestock, forestry, and fishing recorded mixed performances.
”The nominal GDP of N94.05 trillion in Q1 2025, representing an 18.30 per cent year-on-year increase from N79.51 trillion in Q1 2024.
”Nigeria’s economy was estimated at N205.09 trillion in 2019 and N372.82 trillion in 2024, reflecting a more accurate picture of the economy’s structure.
”The rebasing exercise, which updated the base year from 2010 to 2019, provided a clearer picture of Nigeria’s economic performance and improves accuracy in policy formulation, ” he added.
The informal sector’s contribution to GDP increased to 42.5 per cent from 41.4 per cent previously .
