Nigeria’s Economy Soars By 3.13% After GDP Rebasing

The National Bureau of Statistics (NBS) has announced a significant shift in Nigeria’s economic landscape following the latest rebasing of the nation’s Gross Domestic Product (GDP).

During a press briefing in Abuja on Monday, the Statistician General of the Federation, Prince Adeyemi Adeniran, noted that Nigeria’s economy grow by 3.13 per cent in the first quarter of 2025, compared to 2.27 per cent recorded in the same period of 2024.

According to him, the rebasing exercise updated Nigeria’s economic data from the 2010 base year to a more recent 2019 base year, resulting in new insights into the structure and growth trajectory of the economy.

“Economies are dynamic and change over time due to shifts in household spending and government policies. That’s why rebasing is necessary. We commenced this process in 2018/2019 to reflect the current realities,” Adeniran said.

GDP Jumps to ₦372.82 Trillion In Nominal Terms

Adeniran noted that, following the rebasing, the size of the Nigerian economy in nominal terms has grown to ₦372.82 trillion, up from ₦205.09 trillion using the 2019 base year benchmark.

He added that the exercise has reshuffled the hierarchy of major economic sectors, with real estate now ranking third, ahead of crude oil and natural gas, which fell to fifth place.

“This is due to better coverage of the real estate informal sector,” he explained.

Top Five Economic Sectors Revealed

According to the new GDP estimates under the 2019 base year, the top five contributors to the economy are:

1. Crop production (17.58%)
2. Trade (17.42%)
3. Real estate (10.78%)
4. Telecommunications (6.78%)
5. Crude petroleum and natural gas (5.85%)

In contrast, under the old 2010 base year, the rankings were:

1. Crop production (19.62%)
2. Trade (15.61%)
3. Crude petroleum and natural gas (8.60%)
4. Telecommunications (8.25%)
5. Real estate (6.24%)

This shift, Adeniran said, reflects more accurate coverage of previously under-represented sectors, particularly informal real estate activity.

Naija News reports that the rebasing also revealed an increase in informal sector contributions, with its share rising to 42.5 per cent of the economy, up from 41.4 per cent under the previous estimates.

“The rebasing was not influenced or directed by the government to achieve any particular target. It is a standard statistical practice,” Adeniran clarified.

He reiterated that GDP rebasing is a critical statistical tool used globally to improve the accuracy of national economic data and ensure better policy and investment decisions.