Nigeria’s gross domestic product expanded by 3.13% in real terms during the first quarter of 2025, si jul gnaling renewed momentum in Africa’s most populous nation. According to the National Bureau of Statistics, this marks an improvement over the 2.27% growth recorded in the corresponding period of 2024.

The latest growth figures come on the heels of a major rebasing of the country’s GDP, shifting the base year from 2010 to 2019 to better reflect structural changes in the economy. As a result, Nigeria’s GDP grew to 372.822 trillion naira ($243.66 billion), the bureau’s director-general announced at a news conference in Abuja. The updated figures now more accurately capture previously undercounted sectors such as digital services, e-commerce, fintech, creative industries, and informal trade.

Growth in Q1 was driven largely by the services sector, which rose 4.33% year-on-year, led by telecommunications, finance, transport, and real estate. The industrial sector followed with a 3.42% rise, buoyed by a rebound in manufacturing and steady oil production. In contrast, agriculture—once the bedrock of Nigeria’s economy—barely grew, posting just 0.07%, though that’s an improvement from a contraction recorded in the same period last year.

Nominal GDP for Q1 stood at 94.05 trillion naira, up from 79.51 trillion naira in Q1 2024, representing an 18.3% year-on-year rise. Despite the rebound, Nigeria now ranks as Africa’s fourth-largest economy, trailing South Africa, Egypt, and Algeria in nominal terms.

While government officials have touted the revised figures as proof of an expanding and increasingly diversified economy, analysts warn of persistent headwinds. Inflation, currency volatility, and underinvestment in agriculture and energy continue to pose risks to long-term growth.