Nigeria’s GDP rebased to N205trn, says NBS

Nigeria’s economy recorded a 3.13% growth in the first quarter of 2025, according to the latest data released by the National Bureau of Statistics (NBS) on Monday.

The announcement was made by the Statistician-General of the Federation, Adeyemi Adeniran, who also revealed that the country’s Gross Domestic Product (GDP) has been officially rebased from ₦80 trillion to ₦205 trillion.

The GDP rebasing reflects a more accurate picture of the economy’s size and performance, incorporating updated data sources and structural changes in the economy.

The 3.13 per cent growth rate represents an increase over the 2.27 per cent recorded in the corresponding period of 2024.

The Bureau said that the first quarter growth rate was mainly driven by the services sector, which grew by 4.33 per cent in the first quarter.

The sector, according to the NBS, contributed 57.5 per cent to the country’s GDP.

It said the agricultural sector grew by 0.07 per cent during the first quarter of this year, while the industries sector grew by 3.42 per cent during the period under review.

The rebasing exercise, according to the NBS, covered the period between 2019 and 2023. It used 2019 as the new base year due to the relative stability of the domestic economy.