The National Bureau of Statistics (NBS) says Nigeria’s annual gross domestic product (GDP) rate was 3.13 percent in the first quarter (Q1) of 2025 — higher than the 2.27 percent recorded in the first quarter of 2024.
In the data released on Monday, NBS said the performance of the GDP in the period reviewed was driven mainly by the services sector, which recorded a growth rate of 4.33 percent and contributed 57.50 percent to the aggregate GDP.
“Following the rebasing of the Gross Domestic Product using 2019 as the base year, previous quarterly GDP estimates were benchmarked to the rebased annual estimates to align the old series to the
new rebased estimates,” NBS said.
“This procedure provided new quarterly GDP series, which are compared to the 2025 first quarter estimates. Gross Domestic Product (GDP) grew by 3.13% (year-on-year) in real terms in the first quarter of 2025.
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“This growth rate is higher than the 2.27% recorded in the first quarter of 2024.”
In the quarter under review, aggregate GDP at basic price stood at N94.05 million in nominal terms.
This performance, the bureau said, is higher when compared to the first quarter of 2024, which recorded an aggregate GDP of N79.50 million, indicating a year-on-year nominal growth of 18.30 percent.
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Nominal GDP and real GDP both quantify the total value of all goods produced in a country in a year.
However, while real GDP is adjusted for inflation, nominal GDP is not.
‘OIL PRODUCTION DROPPED TO 1.62M BARRELS IN Q1 2025’
The statistics firm further said the country recorded an average daily oil production of 1.62 million barrels per day (mbpd) in Q1 2025.
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The report also said the oil sector contributed 3.97 percent to the total real GDP in Q1 2025 – down from the figure recorded in the corresponding period of 2024 at 4.02 percent, and up from the preceding quarter, where it contributed 2.80 percent.
“This is higher than the daily average production of 1.57 mbpd recorded in the same quarter of
2024 by 0.05 mbpd and higher than the fourth quarter of 2024 production volume of 1.54 mbpd by 0.08mbpd,” NBS said.
“The real growth of the oil sector was 1.87% (year-on-year) in Q1 2025, indicating a decrease of 2.85% points relative to the rate recorded in the corresponding quarter of 2024 (4.71%).
“Growth decreased by 0.22% points when compared to Q4 2024, which was 2.08%.
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“On a quarter-on-quarter basis, the oil sector recorded a growth rate of 13.81% in Q1 2025.”
‘NON-OIL SECTOR CONTRIBUTED 96.03% TO Q1 GDP RATE GROWTH’
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NBS also said the non-oil sector grew by 3.19 percent in real terms during the reference quarter.
“This rate was higher by 1.02% points compared to 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,” the bureau said.
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“This sector was driven in the first quarter of 2025 mainly by Information and Communication (Telecommunications); Agriculture (Crop production); Real Estate; Financial and Insurance (Financial Institutions); Trade; Construction; and Manufacturing (Food, Beverage and Tobacco), accounting for 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 recorded as 97.20%”
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On January 9, NBS said modular refineries and illegal and hidden activities would be captured in rebased GDP data, which was supposed to be unveiled by the end of January.
