FX.co ★ Nigeria GDP Grows By 3.13% in Q1 2025

In the first quarter of 2025, Nigeria's economy experienced a year-on-year growth of 3.13%, an improvement from the 2.27% recorded in the equivalent period of the previous year. The services sector remained the primary growth catalyst, expanding by 4.33% and contributing 57.5% to the country's GDP. Within this sector, telecommunications and information services achieved a significant 7.40% growth, making up 10.59% of the total economic output. The industrial sector showed further progress with a 3.42% increase, compared to 2.35% in the first quarter of 2024. In contrast, the oil sector's growth decelerated to 1.87%, down from 4.71%. The manufacturing sector saw a slight improvement with a 1.69% rise, up from 0.11%, contributing 9.62% to GDP. This growth was fueled by the food, beverage, and tobacco industries, along with chemical and pharmaceutical products and cement. Additionally, the agriculture sector experienced a modest increase of 0.07%, recovering from a 1.79% decline in the first quarter of 2024.