Rebasing: Nigeria’s GDP Grows by 3.13% in Q1 2025 – NBS

Following the rebasing of Nigeria’s Gross Domestic Product (GDP) report, the National Bureau of Statistics (NBS) has stated that Nigeria’s economy grew by 3.13 percent in the first quarter of 2025 from the 2.27 percent recorded in the same period in 2024.

Briefing newsmen in Abuja on Monday, the Statistician General of the Federation, Prince Adeyemi Adeniran, said the economy was rebased from 2010 base year to 2019.

He said in nominal terms, the economy grew to N372.82tr from N205.09tr in the vase year of 2019.

He added that by ranking, the GDP estimates at the 2019 base year, real estate ranked third displacing crude oil and natural gas to the fifth position.

“This is due to better coverage of the real estate informal sector. The top five activities are crop production (17.58%), trade (17.42%), real estate (10.78%). telecommunications (6.78%), and crude petroleum and natural gas (5.85%)

“As against crop production (19.62%), trade (15.61%), crude petroleum and natural gas (8.60%), telecommunications (8.25%), and real estate (6.24%) recorded in the previous estimates of 2019,” he said.

He added that the exercise began in 2018/2019 as economies are dynamic and change from time to time influencing household purchase and government thus the need to rebase.

He said the informal sector increased to 42.5 percent from 41.4 percent.

He, however, said the rebasing was not instituted or directed by the government to meet any target.