Nigeria’s Gross Domestic Product rose by 3.13 per cent year-on-year in real terms in the first quarter of 2025.
This is according to the latest report by the National Bureau of Statistics released on Monday.
The growth rate represents a rebound from the 2.27 per cent recorded in the corresponding period of 2024, indicating a gradual strengthening of economic activity across major sectors.
The Organised Private Sector and economists welcomed the development, and expressed hope that it would be sustained.
In nominal terms, the value of the nation’s economic output stood at N94.05tn in Q1 2025, compared to N79.51tn recorded in the same period last year, reflecting an increase of 18.30 per cent.
“Gross Domestic Product grew by 3.13 per cent (year-on-year) in real terms in the first quarter of 2025. This growth rate is higher than the 2.27 per cent recorded in the first quarter of 2024,” the report stated.
The first quarter figures were published on the back of the national accounts rebasing exercise, which updated Nigeria’s GDP framework to 2019 as the new base year, replacing the previous 2010 base.
