Nigeria’s economy grew by 3.13% in the first quarter of 2025, driven primarily by the services sector, which expanded by 4.33% and contributed 57.50% to the aggregate GDP. This growth rate is higher than the 2.27% recorded in the same period of 2024. The National Bureau of Statistics (NBS) attributed this growth to strong performances in telecommunications, crop production, real estate, financial institutions, trade, construction, and food-related manufacturing.
The services sector dominated economic output, growing by 4.33% year-on-year and contributing 57.50% to real GDP, with telecommunications and information services expanding by 7.40%. The industry sector recorded a year-on-year growth of 3.42%, with manufacturing posting a real growth of 1.69%, led by sub-sectors such as food, beverage and tobacco, chemical and pharmaceutical products, and cement.
The agriculture sector grew marginally by 0.07% in real terms, better than the -1.79% contraction recorded in Q1 2024, with crop production expanding by 3.71%. The oil sector contributed 3.97% to total real GDP in Q1 2025, with a real growth of 1.87%, down from 4.71% in Q1 2024, and average daily oil production increasing to 1.62 million barrels per day.
The non-oil sector grew by 3.19% in real terms, contributing 96.03% to the nation’s GDP in Q1 2025, driven by telecommunications, crop production, real estate, financial institutions, trade, construction, and manufacturing. This growth is a positive indicator for Nigeria’s economy, despite the country facing significant economic challenges.
