From Isaac Anumihe, Abuja
Following the rebasing of the Gross Domestic Product using 2019 as the base year, National Bureau of Statistics (NBS), today, said that the Gross Domestic Product (GDP) grew by 3.13 per cent (year-on-year) in real terms in the first quarter of 2025.
This growth rate, according to NBS report, is higher than the 2.27 per cent recorded in the first quarter of 2024.
It further said that the performance of the GDP in the quarter under review was driven mainly by the Services sector, which recorded a growth of 4.33 per cent and contributed 57.50 per cent to the aggregate GDP. The agriculture sector grew by 0.07 per cent, from the growth of -1.79 per cent recorded in the first quarter of 2024. The growth of the industry sector was 3.42 per cent, from 2.35 per cent recorded in the first quarter of 2024. In terms of share of the GDP, the services and industry sectors contributed more to the aggregate GDP in the first quarter of 2025 compared to the corresponding quarter of 2024.
In the quarter under review, aggregate GDP at basic price stood at N94,051,733.20 million in nominal terms. This performance is higher when compared to the first quarter of 2024, which recorded an aggregate GDP of N79,505,265.15 million, indicating a year-on-year nominal growth of 18.30 per cent.
“For better clarity, the Nigerian economy has been classified broadly into the oil and non-oil sectors
The oil sector in the first quarter of 2025 recorded an average daily oil production of 1.62 million barrels per day (mbpd), higher than the daily average production of 1.57 mbpd recorded in the same quarter of 2024 by 0.05 mbpd and higher than the fourth quarter of 2024 production volume of 1.54 mbpd by 0.08mbpd.
The real growth of the oil sector was 1.87 per cent (year-on-year) in Q1 2025, indicating a decrease of 2.85 per cent points relative to the rate recorded in the corresponding quarter of 2024 (4.71 per cent). Growth decreased by 0.22 per cent points when compared to Q4 2024, which was 2.08 per cent. On a quarter-on-quarter basis, the oil sector recorded a growth rate of 13.81 per cent in Q1 2025. The oil sector contributed 3.97 per cent to the total real GDP in Q1 2025, down from the figure recorded in the corresponding period of 2024 at 4.02 per cent and up from the preceding quarter, where it contributed 2.80 per cent.
Meanwhile, the non-oil sector grew by 3.19 per cent in real terms during the reference quarter (Q1 2025). This rate, according to the report, was higher by 1.02 per cent points compared to the rate recorded in the same quarter of 2024, which was 2.17 per cent and lower than the 3.80 per cent recorded in the fourth quarter of 2024.
“This sector was driven in the first quarter of 2025 mainly by information and communication (Telecommunications); agriculture (Crop production); real estate; financial and insurance (Financial Institutions); trade; construction; and manufacturing (food, beverage and tobacco), accounting for positive GDP growth.
“In real terms, the non-oil sector contributed 96.03 per cent to the nation’s GDP in the first quarter of 2025, higher than the share recorded in the first quarter of 2024, which was 95.98 per cent and lower than the fourth quarter of 2024 recorded as 97.20 per cent .
Similarly, the mining & quarrying sector consists of crude petroleum and natural gas, coal mining, metal ores and quarrying, and other minerals sub-activities.
“This sector grew nominally by -5.33 per cent (year-on-year) in Q12025. Metal Ore activity exhibited the highest growth rate of all the sub-activities at 83.55 per cent followed by quarrying and other mining activity at 56.13 per cent. Crude petroleum and natural gas was the main contributor to the sector with a weight of 89.16 per cent in Q1 2025.
Comparing Q1 2025’s rate of growth relative to Q1 2024 and Q4 2024 growth rates, there was a decrease of 26.50 per cent points and a decrease of 64.82 per cent points respectively. The mining & quarrying sector contributed 4.38 per cent to the overall GDP in the first quarter of 2025, lower than the contributions recorded in 2024 first quarter at 5.47 per cent and higher than the previous quarter at 3.50 per cent.
“In real terms, the mining and quarrying sector grew by 2.97 per cent (year-on-year) in the first quarter of 2025. Compared to the same quarter of 2024 and the fourth quarter of 2024, it was lower by 4.38 per cent points and lower by 0.18 per cent points respectively. Quarter-on-quarter, the growth rate recorded was 12.00 per cent during the quarter. The contribution of mining and quarrying to real GDP in the quarter under review stood at 4.22 per cent, lower than the rate of 4.23 per cent recorded in the corresponding quarter of 2024 and higher than the 3.02 per cent recorded in the fourth quarter of 2024” the report noted. ENDS
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