Nigeria’s year-on-year Gross Domestic Product (GDP) grew by 3.13% in the first quarter of 2025, the National Bureau of Statistics (NBS) has shown in its data for national economic growth.
NBS said the growth rate is higher than the 2.27% recorded in the first quarter of 2024.
“The performance of the GDP in the quarter under review was driven mainly by the Service sector, which recorded a growth of 4.33% and contributed 57.50% to the aggregate GDP,” NBS stated in the data published on its website
On a sectoral basis, agriculture sector grew by 0.07%, from the growth of -1.79% recorded in the first quarter of 2024.
The industry sector also grew to 3.42%, from 2.35% recorded in the first quarter of 2024.
In terms of share of the GDP, services and industry sectors contributed more to the aggregate GDP in the first quarter of 2025 compared to the same period in 2024.
In the quarter under review, aggregate GDP at basic price stood at N94,051,733.20 in nominal terms.
According to the NBS, that performance is higher when compared to the first quarter of 2024, which recorded an aggregate GDP of N79,505,265.15, indicating a year-on-year nominal growth of 18.30%.
The Nigerian economy has been classified broadly into the oil and non-oil sectors.
Details later…
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