Back to today’s briefing

Story perspectives

Nigeria's Economy Soars 3.13% in Q1 2025

7/22/2025

26 6

Summary

Story summary

Nigeria's economy surged by 3.13% in Q1 2025, buoyed by a robust services sector and a new GDP base year set to 2019. This marks a significant leap from 2.27% in Q1 2024, with the nominal GDP soaring to N94.05 trillion—an impressive 18.3% rise from last year.

History

Historical Context

In 2014, Nigeria adopted a new GDP calculation method, revealing a nominal GDP of $510 billion, which positioned it as Africa's largest economy. This recalibration significantly influenced economic assessments and policy-making. By Q1 2025, Nigeria's economy grew by 3.13%, primarily driven by the services sector, highlighting ongoing adjustments since 2014 and the potential for increased foreign investment.

1 of 2

Story summary

Nigeria's economy surged by 3.13% in Q1 2025, buoyed by a robust services sector and a new GDP base year set to 2019. This marks a significant leap from 2.27% in Q1 2024, with the nominal GDP soaring to N94.05 trillion—an impressive 18.3% rise from last year.

1 / 2