Nigeria’s Gross Domestic Product (GDP) grew by 3.13percent (year-on-year) in real terms in the first quarter of 2025 according to data released by the National Bureau of Statistics (NBS).
This growth rate is higher than the 2.27 percent recorded in the first quarter of 2024. The performance of the GDP in the quarter under review was driven mainly by the Services sector, which recorded a growth of 4.33 percent and contributed 57.50 percent to the aggregate GDP.
Read also: Nigeria GDP swells to N372.8 trillion in 2024 after rebasing
NBS also reported that in the first quarter of 2025, Nigeria’s GDP at basic price stood at N94.05 trillion in nominal terms.
This performance is higher when compared to the first quarter of 2024, which recorded an aggregate GDP of N79.5 trillion, indicating a year-on-year nominal growth of 18.30 percent.
The Nigerian economy performance was driven by non-oil sector, contributing 96.03 percent with the oil sector contributing 3.97 percent.