Nigeria’s economy witnessed notable expansion in the first quarter of 2025, with the Gross Domestic Product (GDP) growing by 3.13 percent on a year-on-year basis in real terms. This positive trajectory marks an improvement from the 2.27 percent growth recorded during the same period in 2024.
The latest data released by the National Bureau of Statistics (NBS) on Monday highlights the sectors driving this growth. According to the bureau’s quarterly economic report, the services sector and the industrial sector were the primary contributors to this improvement, signaling a diversified economic rebound.
The NBS succinctly explained, “Gross Domestic Product (GDP) grew by 3.13 per cent (year-on-year) in real terms in the first quarter of 2025. This growth rate is higher than the 2.27 per cent recorded in the first quarter of 2024.”
okaynews.com reports that this rise in GDP reflects the government’s ongoing efforts to stimulate economic activities amidst challenging external conditions like fluctuating oil prices and currency valuation pressures. The growth rate, though modest, mirrors resilience in the economy’s foundational sectors.
Investors and policy makers will likely view this data as a confirmation that Nigeria’s economy is gradually stabilizing. The steady pace of growth contributes positively to employment and income generation across key industries, setting an encouraging tone for the remainder of the year.
