Nigeria recorded a 3.13 percent gross domestic product (GDP) growth on a year-on-year basis in real terms in the first quarter of 2025, according to the latest data released by the country’s bureau of statistics.
Semiu Adeyemi Adeniran, head of the National Bureau of Statistics, told the media in the Nigerian capital of Abuja on Monday that the growth rate was higher than the 2.27 percent recorded in the same quarter of 2024.
The growth in the first three months was mainly driven by the services sector, which rose 4.33 percent, contributing 57.50 percent to the aggregate GDP, he said.
“In terms of share of the GDP, the services sector and industry sector contributed more to the aggregate GDP in Q1 2025 compared to Q1 2024,” Adeniran said.
In December 2024, President Bola Tinubu said Nigeria’s economy was poised to become more favorable for citizens in 2025, with expectations of restored macroeconomic stability, an improved business environment, increased employment opportunities, and poverty reduction.
He said the economic reforms launched by his administration over two years ago would be reinforced to sustain progress toward a more resilient, equitable, predictable, and globally competitive economy. Enditem
Source: Xinhua
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