…Nigeria Records 3.13% GDP Growth in Q1 2025, Services Sector Leads Recovery
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ABUJA — The National Bureau of Statistics (NBS) has revealed a significant 41.7% surge in Nigeria’s nominal GDP for 2019, following a comprehensive rebasing exercise that updates the base year for calculating the country’s economic output.
Announcing the results on Monday, the Statistician-General of the Federation described the rebasing process as technically rigorous and in line with global best practices, despite facing challenges related to data availability, quality, and informal sector reporting.
The exercise, which restructured the composition of Nigeria’s economy, revealed notable improvements in capturing real estate activities and the previously underreported informal sector. According to the new estimates, the informal sector now accounts for 42.5% of GDP in 2019, up significantly from earlier figures.
The services sector retained its dominant position as the largest contributor to national output, followed by agriculture and industry. Within the new structure, crop production, trade, and real estate emerged as the top three contributors to the rebased GDP.
Presenting GDP data from 2020 to 2024, the Statistician-General noted the severe impact of the COVID-19 pandemic on growth in 2020. However, recovery has since taken hold, with Nigeria posting a 3.13% GDP growth rate in the first quarter of 2025, largely powered by the revitalized services sector.
He emphasized the professionalism of the rebasing process, stating that it adhered to international statistical standards and benefitted from the technical support of partners such as the IMF, World Bank, and FAO. A draft report detailing the methodology used will soon be published on the NBS website, where stakeholders are encouraged to review and provide feedback.
In his closing remarks, the Statistician-General expressed gratitude to the Federal Government, particularly the Ministers of Finance, Budget, and Economic Planning, for their support. He also called on analysts, media, and policymakers to make responsible and objective use of the rebased data.
“This rebasing gives us a clearer picture of the structure and size of our economy. It should be used as a tool for planning and policy—not for political mischief,” he cautioned.
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