Nigeria’s Q1 GDP Growth at 3.13% After Rebasing.
Data released this week shows that Nigeria’s economy expanded by 3.13% year-on-year in Q1 2025 following a GDP rebasing to 2019 levels . The service sector was the standout performer, rising 4.33%, and now accounts for 57.15% of total GDP ($243.7 billion in naira terms).
Despite growth exceeding the 2.27% level from the previous year, it fell short of the 4.9% analysts’ forecast . Oil production ticked slightly up to 1.6 mbpd, but solid growth was driven by non-energy sectors such as marine, tourism, and e-commerce—now included in the updated GDP base.
The rebasing, last done in 2014, positioned Nigeria as Africa's largest economy—but underscores flaws like high inflation and living costs under Tinubu’s reforms . Policy focus is shifting to sustaining private sector growth, tackling inflation, and managing external risks to spur inclusive recovery.
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