Nigeria’s Gross Domestic Product (GDP) grew by 3.13% year-on-year in real terms in the first quarter of 2025, according to the latest data released by the National Bureau of Statistics (NBS) on Monday.

This represents a notable increase compared to the 2.27% recorded in Q1 2024. The NBS attributed the growth primarily to the performance of the services and industrial sectors.

Meanwhile, the country has rebased its GDP to reflect 2019 as the new base year, replacing the previous base year of 2010. As a result, the GDP for 2019 has been revised upwards to ₦205 trillion, representing a 41.1% increase compared to figures from the 2014 rebasing.

According to the Statistician-General of the Federation, Adeyemi Adeniran, the top five sectors contributing to the revised GDP are crop production, trade, real estate, telecommunications, and oil and gas. Notably, real estate has overtaken crude petroleum and natural gas due to improved coverage of the informal sector.

The rebased figures indicate that nominal GDP stood at ₦372.82 trillion ($243 billion) in 2024, with year-by-year increases: ₦213.64 trillion in 2020, ₦243.30 trillion in 2021, ₦274.23 trillion in 2022, and ₦314.02 trillion in 2023.

Real GDP growth over the same period was -6.96% in 2020, 0.95% in 2021, 4.32% in 2022, 3.04% in 2023, and 3.38% in 2024.

Sectoral contributions for 2019 show services leading at 53.09%, followed by agriculture (25.83%) and industry (21.08%). The informal sector’s contribution to GDP in 2019 was estimated at ₦86.85 trillion, or 42.5%—a significant increase from the ₦39 trillion recorded in 2015.