{"id":1601,"date":"2025-07-22T11:07:51","date_gmt":"2025-07-22T11:07:51","guid":{"rendered":"https:\/\/eandelmagazine.com\/eandelmagazine\/?p=1601"},"modified":"2025-07-22T11:08:12","modified_gmt":"2025-07-22T11:08:12","slug":"nigerias-economy-expanded-3-13-y-y-in-first-quarter","status":"publish","type":"post","link":"https:\/\/eandelmagazine.com\/eandelmagazine\/nigerias-economy-expanded-3-13-y-y-in-first-quarter\/","title":{"rendered":"Nigeria\u2019s economy expanded 3.13% y\/y in first quarter"},"content":{"rendered":"

ABUJA, July 21 (Reuters)\u00a0\u2013\u00a0Nigeria\u2019s economy expanded by 3.13% year-on-year in the first quarter of 2025, the statistics office said on Monday, following the rebasing of its gross domestic product to better align with the current economic landscape.<\/p>\n

\"\"<\/p>\n

The economy grew to 372.822 trillion naira ($243.7 billion) after rebasing, Statistician-general Adeyemi Adeniran, told a news conference in the capital.<\/p>\n

The GDP growth at 3.13% in the first quarter, compared with 2.27% in the same quarter last year, was lower than a Reuters poll of analysts who had expected growth to expand by 4.9%.<\/p>\n

\u201cFollowing the benchmarking of the estimates, the performance of the GDP in Q1 of 2025 was driven mainly by the service sector, which recorded a growth rate of 4.33% and contributed 57.15% to the aggregate GDP,\u201d Adeniran said.<\/p>\n

Oil production during the quarter was at 1.6 million barrels per day, compared with 1.57 million bpd in same quarter last year.<\/p>\n

Adeniran said the rebasing GDP reflected changes in the country\u2019s economy over time.<\/p>\n

\u201cThis rebasing exercise\u2026 not only involves the change in the base year, which moved from 2010 to 2019 but also includes methodological updates,\u201d he added.<\/p>\n

Several economic sectors, including marine, fishing shipping and ports, arts, culture, tourism, and e-commerce, have grown significantly since the last GDP rebasing in 2014, warranting their inclusion, the stats office had said.<\/p>\n

The 2014 rebasing had positioned Nigeria as Africa\u2019s largest economy, surpassing South Africa, but the country has since lost ground due to naira devaluations\u00a0under President Bola Tinubu\u2019s administration.<\/p>\n

Tinubu\u2019s lightning reform push in the first weeks of his administration sparked\u00a0hope\u00a0that he could finally unleash the full potential of Africa\u2019s sluggish economic giant.<\/p>\n

But two years on, the key planks of his economic overhaul \u2013 devaluing the naira\u00a0and scrapping subsidies \u2013 have triggered the worst cost-of-living crisis in a generation and are yet to deliver faster growth.<\/p>\n

 <\/p>\n

Source: <\/em>REUTERS<\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"

ABUJA, July 21 (Reuters)\u00a0\u2013\u00a0Nigeria\u2019s economy expanded by 3.13% year-on-year in the first quarter of 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