The Nationwide Bureau of Statistics (NBS) has confirmed that Nigeria’s financial system expanded by 3.13 % in Q1 2025, up from 2.27 % in the identical quarter of 2024. This replace follows the most recent rebasing of the nation’s Gross Home Product (GDP) report.
Addressing journalists in Abuja on Monday, the twenty first of July, 2025, the Statistician Normal of the Federation, Prince Adeyemi Adeniran, defined that the rebasing shifted Nigeria’s base 12 months from 2010 to 2019.
In response to him, the financial system’s nominal dimension elevated to N372.82 trillion in comparison with N205.09 trillion recorded beneath the previous base 12 months of 2010.
Adeniran stated the brand new rankings of {economic} sectors present actual property rising to 3rd place, pushing crude oil and pure gasoline right down to fifth.
“This is because of higher protection of the actual property casual sector. The highest 5 actions are crop manufacturing (17.58%), commerce (17.42%), actual property (10.78%), telecommunications (6.78%), and crude petroleum and pure gasoline (5.85%) as in opposition to crop manufacturing (19.62%), commerce (15.61%), crude petroleum and pure gasoline (8.60%), telecommunications (8.25%), and actual property (6.24%) recorded within the earlier estimates of 2019,” he stated.
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He talked about that the rebasing course of began round 2018/2019 in recognition of how economies evolve over time and the way these adjustments have an effect on shopper behaviour and public spending.
He additionally stated the casual sector’s contribution to GDP rose to 42.5 % from 41.4 %.
Adeniran made it clear that the rebasing wasn’t pushed by any authorities directive or political agenda.
