The nation’s Gross Domestic Product (GDP) grew by 3.13% (year-on-year) in real terms in the first quarter of 2025, after rebasing by the National Bureau of Statistics (NBS).
NBS, in a GDP report released on Monday said the growth rate was higher than the 2.27% recorded in the first quarter of 2024.
The Bureau said the performance of the GDP in the quarter under review was driven mainly by the Services sector, which recorded a growth of 4.33% and contributed 57.50% to the aggregate GDP.
From the GDP figures released, the agriculture sector grew by 0.07%, from the growth of -1.79% recorded in the first quarter of 2024.
The growth of the industry sector was 3.42%, from 2.35% recorded in the first quarter of 2024.
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.
In the quarter under review, aggregate GDP at basic price stood at N94,051,733.20 million in nominal terms.
This performance is higher when compared to the first quarter of 2024, which recorded an aggregate GDP of N79,505,265.15 million, indicating a year-on-year nominal growth of 18.30%.
For better clarity, the Nigerian economy has been classified broadly into the oil and non-oil sectors.
The nation in the first quarter of 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 fourth quarter of 2024 production volume of 1.54 mbpd by 0.08mbpd.
The real growth of the oil sector was 1.87% (year-on-year) in Q1 2025, indicating a decrease of 2.85% points relative to the rate recorded in the corresponding quarter of 2024 (4.71%).
Growth decreased by 0.22% points when compared to Q4 2024, which was 2.08%. On a quarter-on-quarter basis, the oil sector recorded a growth rate of 13.81% in Q1 2025.
The Oil sector contributed 3.97% to the total real GDP in Q1 2025, down from the figure recorded in the corresponding period of 2024 at 4.02%. and up from the preceding quarter, where it contributed 2.80%.
The non-oil sector grew by 3.19% in real terms during the reference quarter (Q1 2025). This rate was higher by 1.02% points compared to the rate recorded in the same quarter of 2024, which was 2.17% and lower than the 3.80% recorded in the fourth quarter of 2024.
This sector was driven in the first quarter of 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 96.03% to the nation’s GDP in the first quarter of 2025, higher than the share recorded in the first quarter of 2024, which was 95.98% and lower than the fourth quarter of 2024 recorded as 97.20%.
