Nigeria Records Rebased Economic Growth of 3.1% in Q1
Nigeria recorded rebased economic growth of 3.1% year-on-year in the first quarter of 2025, according to data released by the National Bureau of Statistics (NBS), having adopted 2019 as the new base year.
The rebasing exercise covers the period from 2019 to 2023 and reflects changes in the economy’s structure, sectoral contributions, and data sources. The NBS report showed that Nigeria’s gross domestic product grew far less than anticipated under the rebased statistical data adjustment, which now reflects recent developments across key sectors.
The nation’s economic growth remains an undercurrent versus $1 trillion GDP size target by President Bola Tinubu’s administration.
According to the updated data, the Nigerian economy expanded by 3.13% year-on-year in Q1 2025. This marks a notable improvement compared to the 2.27% growth recorded in the same quarter in 2024, which had a pre-rebased growth estimate of 2.98%.
The Q1 GDP 2025 growth represents a moderation from the preceding quarter, which posted a rebased growth rate of 3.76%, slightly below the pre-rebased Q4 2024 figure of 3.84%. #Nigeria Records Rebased Economic Growth of 3.1% in Q1 Nigeria’s Headline Inflation Rate Declines to 22.22%
