July 23, 2025/InvestmentOne Report
The much-awaited Gross Domestic Product (GDP) data for the first quarter of 2025 was released by the National Bureau of Statistics (NBS) earlier this week. The data essentially showed that the Nigerian economy maintained its positive trajectory in the review period, as real GDP expanded by 3.13% YoY in Q1:2025. This follows the rebasing of the GDP, with the adjustment of the base year from 2010 to 2019, in a bid to reflect prevailing macroeconomic realities.
Thus, prior quarterly GDP data were revised based on the rebased annual estimates to align the old series to the new rebased estimates. As a result, the growth rate in the first quarter represents an improvement compared to the 2.27% YoY recorded in the corresponding year in 2024.
In May 2023, the President Tinubu administration, set a target to grow Nigeria s economy to a trillion-dollar worth by 2030. At the time, Nigeria s economy was worth NGN274.23trn (USD594.21bn) based on the rebased GDP numbers.
In 2024, the economy had increased by 35.95% to NGN372.82trn; however, in Dollar terms, the GDP decreased to USD240.52bn, following the devaluation of the Naira in 2023. This places Nigeria as the fourth largest economy in Africa despite the rebasing. This means that the economy is short of the USD1.00trn target by over USD800.00bn, with less than six (6) years to go. Kindly find HERE, the full report, covering our analysis and considerations.
