The National Bureau of Statistics (NBS) has confirmed that Nigeria’s economy expanded by 3.13 percent in Q1 2025, up from 2.27 percent in the same quarter of 2024. This update follows the latest rebasing of the country’s Gross Domestic Product (GDP) report.
Addressing journalists in Abuja on Monday, the 21st of July, 2025, the Statistician General of the Federation, Prince Adeyemi Adeniran, explained that the rebasing shifted Nigeria’s base year from 2010 to 2019.
According to him, the economy’s nominal size increased to N372.82 trillion compared to N205.09 trillion recorded under the former base year of 2010.
Adeniran said the new rankings of economic sectors show real estate rising to third place, pushing crude oil and natural gas down to fifth.
“This is due to better coverage of the real estate informal sector. The top five activities are crop production (17.58%), trade (17.42%), real estate (10.78%), telecommunications (6.78%), and crude petroleum and natural gas (5.85%) as against crop production (19.62%), trade (15.61%), crude petroleum and natural gas (8.60%), telecommunications (8.25%), and real estate (6.24%) recorded in the previous estimates of 2019,” he said.
READ ALSO: We Inherited a Bankrupt Nigeria, Now Economy’s Recovered — Tinubu
He mentioned that the rebasing process started around 2018/2019 in recognition of how economies evolve over time and how these changes affect consumer behaviour and public spending.
He also said the informal sector’s contribution to GDP rose to 42.5 percent from 41.4 percent.
Adeniran made it clear that the rebasing wasn’t driven by any government directive or political agenda.