Nigeria’s Gross Domestic Product (GDP) expanded by 3.46% in real terms year-on-year in the first quarter of 2025, according to data released by the National Bureau of Statistics (NBS).
The growth marks a modest rebound from the 2.98% recorded in Q4 2024, though it represents a slight dip compared to the 3.61% posted in the corresponding quarter of 2024.
The report, based on Nigeria’s newly rebased national accounts, suggests a steady recovery in economic activity despite persistent macroeconomic challenges.
The challenges include massive inflation, naira volatility, and structural constraints.
The rebasing has recalibrated the size of the economy, with nominal GDP now standing at ₦238.4 trillion in Q1 2025, which offers a more accurate picture of Nigeria’s current economic structure.
The figures come amid growing concerns over food inflation, weak consumer purchasing power, and a challenging investment climate, although recent improvements in inflation and headline growth point to cautious optimism.
The NBS noted that the growth was driven by a mix of services, agriculture, and industrial output, with oil and gas remaining volatile amid global market uncertainties.
