July 21, 2025/CSL Research

• The National Bureau of Statistics (NBS) has released the rebased Gross Domestic Product (GDP) figures, adopting 2019 as the new base year. According to the updated data, the Nigerian economy expanded by 3.13% year-on-year (y/y) in Q1 2025.
• This marks a notable improvement compared to the 2.27% growth recorded in the same quarter of the previous year (which had a pre-rebased growth estimate of 2.98%). However, the Q1 2025 growth represents a moderation from the preceding quarter, which posted a rebased growth rate of 3.76%, slightly below the pre-rebased Q4 2024 figure of 3.84%.

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