Nigeria’s Economy Gets a Major Boost: GDP Rebases to ₦205 Trillion, Grows 3.46% in Q1 2025
Nigeria’s Economy Expands to ₦205 Trillion After Rebasing The National Bureau of Statistics (NBS) has announced a major recalibration of Nigeria’s economic size, rebasing GDP from ₦80 trillion to ₦205 trillion—a 41.7% increase from the previous 2014 benchmark. Alongside this revision, the economy grew by 3.46% year-on-year in Q1 2025, showing:📈 Improvement from Q4 2024 (2.98%)📉 Slight dip from Q1 2024 (3.61%) Key Highlights from the NBS Report 🔹 New GDP Base Year: 2019 (replacing the old benchmark)🔹 Top Performing Sectors: Crop Production (Agriculture) Trade Real Estate Telecommunications Oil & Gas 🔹 Rebasing Impact: Better captures Nigeria’s evolving digital economy, services, and informal sector contributions. What Does GDP Rebasing Mean? ✅ Updated Economic Snapshot: Reflects current industries like tech and fintech.✅ More Accurate Growth Measurement: Aligns with modern consumption patterns.⚠️ Not a Growth Miracle: Doesn’t mean Nigerians are suddenly richer—just better counted. Economic Growth in Context ✔ Positive: Economy still expanding despite inflation and FX pressures.✔ Concern: Growth rate remains below population increase (3.5%), meaning per capita income isn’t […]
