\n Nigeria\u2019s economy has been revised upward following changes in how gross domestic product (GDP) is calculated, with more informal sectors now included in the official data.\n <\/p>\n
\n According to the latest data from the NBS, Nigeria\u2019s GDP grew by 3.13% year-on-year in real terms in the first quarter of 2025, a notable improvement from the 2.27% growth recorded in the same period last year.\n <\/p>\n
\n GDP at current prices stood at 372.8 trillion naira ($243 billion) in 2024, up from 314 trillion naira in 2023, according to the statistics agency\n <\/p>\n
\n The adjustment is based on a change in the base year to 2019, which the NBS says was necessary to present a more accurate and updated picture of the economy\u2019s structure.\n <\/p>\n
\n The services sector remained the dominant driver of growth, expanding by 4.33% year-on-year.\n <\/p>\n
\n “Following the benchmarking of the estimates, the performance of the GDP in Q1 of 2025 was driven mainly by the service sector, which recorded a growth rate of 4.33% and contributed 57.15% to the aggregate GDP,” said Statistician-General Adeyemi Adeniran.\n <\/p>\n
\n Meanwhile, agriculture, which continues to employ a significant share of the population, grew marginally by 0.07%, a recovery from the -1.79% contraction recorded in Q1 2024.\n <\/p>\n
Fourth-largest African economy<\/p>\n
\n Despite the upward revision, Nigeria now ranks as the fourth-largest economy in Africa, trailing behind South Africa ($410.3 billion), Egypt ($347.3 billion), and Algeria ($268.9 billion), according to current estimates.\n <\/p>\n
\n The country has faced significant economic challenges in recent years, including surging inflation and a sharp currency devaluation that have weighed heavily on consumer purchasing power and investor sentiment.\n <\/p>\n
\n Since taking office, President Bola Tinubu has introduced sweeping economic reforms aimed at restoring macroeconomic stability. These include floating the naira<\/a>, removing long-standing fuel subsidies, and addressing chronic dollar shortages<\/a>.\n <\/p>\n","protected":false},"excerpt":{"rendered":"Nigeria\u2019s economy has been revised upward following changes in how gross domestic product (GDP) is calculated, with more…\n","protected":false},"author":2,"featured_media":281541,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3090],"tags":[51,1700,16,15],"class_list":{"0":"post-281540","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-business","9":"tag-economy","10":"tag-uk","11":"tag-united-kingdom"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/114894947198289167","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/281540","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=281540"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/281540\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/281541"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=281540"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=281540"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=281540"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}