Nigeria’s economy expanded by 3.13% year-on-year in the first quarter of 2025, according to figures released by the National Bureau of Statistics (NBS) on Monday. The announcement follows the recent rebasing of the country’s gross domestic product (GDP), a move aimed at better reflecting current economic realities.
Speaking at a press briefing in Abuja, Statistician-General Adeyemi Adeniran revealed that the country’s GDP now stands at ₦372.822 trillion ($243.7 billion) after the rebasing exercise.
Despite the growth, the Q1 2025 figure falls short of analysts’ expectations. A Reuters poll had forecasted a 4.9% expansion, but the actual growth came in at a more modest 3.13%. However, it still marks an improvement from the 2.27% recorded in the same quarter of 2024.
The GDP rebasing was undertaken to account for new sectors and shifts in the structure of the economy, which the NBS says will allow for more accurate measurement and policy planning going forward.
