The National Bureau of Statistics (NBS) Monday released the much-awaited rebased Gross Domestic Product (GDP) estimates, which revealed that the economy grew by 3.13 per cent in the first quarter of the year (Q1 2025).
Addressing journalists at the public release of the results of the rebasing exercise in Abuja, Statistician General of the Federation (SGF)/Chief Executive, NBS, Prince Adeyemi Adeniran, said the outcomes of the exercise reflected changes in economic reality, and cautioned against politicising the new figures.
Essentially, the exercise changed the base year used for calculating economic activities to 2019 from 2010.
Following the rebasing, using 2019 as the base year, the economy grew by 3.13 per cent year-on-year in real terms in Q1 compared to 2.27 per cent in Q1 2024.
According to GDP estimates for Q1, 2025, aggregate GDP at basic price stood at N94.05 trillion in nominal terms compared to N79.51 trillion in Q1 2024, representing a nominal growth of 18.30 per cent. Real GDP stood at N49.34 trillion.
In the quarter under review, the economy was driven mainly by the services sector, which recorded a growth of 4.33 per cent and contributed 57.50 per cent to the aggregate GDP.
The non-oil sector grew by 3.19 per cent in real terms, and contributed 96.03 per cent to GDP in Q1 compared to 97.20 per cent in the preceding quarter and 95.98 per cent in Q1 2024. On the other hand, oil sector contribution to real GDP rose to 3.97 per cent in Q1 from 2.80 per cent in Q4 2024, but lower than 4.02 per cent in Q1 2024.
The nation’s average daily oil production increased to 1.62 million barrels per day (mbpd), compared to 1.54 mbpd in the preceding quarter, and 1.57 mbpd recorded in same quarter of 2024.
According to the NBS, the real growth of the oil sector stood at 1.87 per cent year-on-year in Q1, compared to 4.71 per cent in the corresponding quarter of 2024 .
The agriculture sector grew by 0.07 per cent, from the growth of -1.79 per cent in Q1 2024, and contributed 23.33 per cent to aggregate GDP in real terms in Q1, lower than 28.68 per cent in preceding quarter and 24.04 per cent in Q1 2024.
Manufacturing contribution to real GDP stood at 9.62 per cent in Q1 compared to 7.62 per cent in 2024 and 9.76 per cent in Q1 2024.