Nigeria’s Economy Up 3.13% As NBS Rebases GDP To 2019 Base Year
Nigeria’s economy grew by 3.13% in Q1 2025, outpacing the 2.27% growth recorded in Q1 2024, according to fresh data released by the National Bureau of Statistics (NBS) following a major GDP rebasing.
The update shifting the base year from 2010 to 2019 offers a more current picture of the structure and size of Africa’s largest economy.
Presenting the figures in Abuja, Statistician-General Prince Adeyemi Adeniran said the rebasing exercise has significantly expanded the economy’s size in nominal terms, now valued at ₦372.82 trillion, compared with ₦205.09 trillion under the old series.
The revision captures emerging industries, changing consumption patterns, and technological shifts that were underrepresented in the 2010 framework.
The new data also reshuffles Nigeria’s sectoral league table.
Real estate now ranks as the third-largest sector, overtaking crude oil and natural gas, which has slipped to fifth place an indication of the country’s gradual diversification away from heavy reliance on hydrocarbons.
Policymakers and investors will be watching closely to see how this recalibration influences planning, budgeting, debt ratios, and private investment strategies.
Adeniran described the rebasing as a “necessary update” for evidence-based economic management, noting that it aligns Nigeria’s statistical practice with international standards and helps bring hidden value in services and non-oil activity into sharper focus.
With growth picking up and the data now better aligned with today’s economy, analysts say the numbers could boost confidence—provided reforms continue to strengthen productivity, jobs, and household incomes.
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