Nigeria’s GDP grew by 3.13% in Q1 2025, says NBS

National Bureau of Statistics (NBS) on Monday disclosed that Nigeria’s Gross Domestic Product (GDP) increased to 3.13 per cent in(year-on-year) in real terms of first quarter (Q1) of 2025.

The latest report by NBS stated that the growth rate is higher than the 2.27 per cent recorded in the first quarter  of 2024.

According to the report,  the performance of the GDP in the Q1 2025 was driven mainly by the Services sector, which recorded a growth of 4.33per cent and contributed 57.50 per cent to the aggregate GDP.

The agriculture sector grew by 0.07 per cent, from the growth of -1.79 per cent recorded in the Q1 2024,

The growth of the industry sector was 3.42 per cent, from 2.35 per cent recorded in the Q12024. In terms of  share of the GDP, the services and industry sectors contributed more to the aggregate GDP in the first quarter of 2025 compared to the corresponding quarter of 2024.

The bureau stated that “Following the rebasing of the GDP 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.”

In Q1 2025,  the report noted that  the  aggregate GDP at basic price stood at N94.05trillion in nominal  terms.

This performance is higher when compared to the first quarter of 2024, which recorded an aggregate GDP of N79.51 trillion, indicating a year-on-year nominal growth of 18.30per cent.

For the nation in the Q1 2025 recorded an average daily oil production of 1.62 million barrels per  day (mbpd), 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 Q4 2024 production volume of 1.54 mbpd by  0.08mbpd.

The real growth of the oil sector was 1.87per cent (year-on-year) in Q1 2025, indicating a decrease of 2.85percentagepoints relative to the rate recorded in the corresponding quarter of 2024 (4.71per cent).

Growth decreased  by 0.22percentage points when compared to Q4 2024, which was 2.08per cent. On a quarter-on-quarter basis, the oil  sector recorded a growth rate of 13.81 per cent in Q1 2025.

The Oil sector contributed 3.97per cent to the total real  GDP in Q1 2025, down from the figure recorded in the corresponding period of 2024 at 4.02per cent. and up  from the preceding quarter, where it contributed 2.80per cent.

For the non-oil sector, it grew by 3.19  per cent in real terms during the reference quarter (Q1 2025). This rate was  higher by 1.02percentage  points compared to the rate recorded in the same quarter of 2024, which was 2.17per cent  and lower than the 3.80per cent recorded in the fourth quarter of 2024.

This sector was driven in the Q1 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 96.03per cent to the nation’s GDP in the first quarter of 2025,  higher than the share recorded in the first quarter of 2024, which was 95.98per cent and lower than the  fourth quarter of 2024 recorded as 97.20per cent