Economy
Nigeria’s Economy Rebased to N205trn as Q1 2025 GDP Rises 3.13%
By Adedapo Adesanya
Nigeria’s Gross Domestic Product (GDP) has been rebased from N80 trillion to N205 trillion, making the country’s economy bigger.
This is according the Statistician General of the Federation, Mr Adeyemi Adeniran, who is also the head of the National Bureau of Statistics (NBS).
The figure, according to him, showed an increase of 41. 7 per cent compared to the figures obtained during the 2014 GDP rebasing exercise.
Mr Adeniran said on Monday that top five performing sectors include crop production, trade, real estate, telecommunications and the oil and gas.
The recent rebasing covered the period between 2019 to 2023, using 2019 as the new base year.
The country had announced plans to change the way it calculates its GDP, with the inclusion of the informal sector into its calculations.
Nigeria, which is targeting a $1 trillion economy, has been making efforts to boost its economic growth under President Bola Tinubu.
“This rebasing exercise… not only involves the change in the base year, which moved from 2010 to 2019 but also includes methodological updates,” he added.
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.
The 2014 rebasing under President Goodluck Jonathan had positioned Nigeria as Africa’s largest economy, surpassing South Africa, but the country has since lost ground due to economic contractions under late former President Muhammadu Buhari as well as Naira devaluations under President Tinubu’s administration.
“Following 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 per cent and contributed 57.15 per cent to the aggregate GDP,” Mr Adeniran said.
Oil production during the quarter was at 1.6 million barrels per day, compared with 1.57 million barrels per day in same quarter last year.
Mr Adeniran said the rebasing GDP reflected changes in the country’s economy over time, with the economy growing by 3.13 per cent between January 2025 and March 2025.
This move comes after the country rebased its inflation numbers, making 2024, its base year from 2009.
By Adedapo Adesanya
Oil prices climbed about 2 per cent to a one-month high on Tuesday after the US reportedly reimposed a naval blockade on Iran, which will reduce oil flows from the region through the Strait of Hormuz.
Brent futures rose by $1.43 or 1.7 per cent to settle at $84.73 per barrel, while the US West Texas Intermediate (WTI) crude increased by $1.20 or 1.5 per cent to $79.34 a barrel.
Brent closed at its highest since June 12, and WTI at its highest since June 15. The closing price increase kept Brent in technically overbought territory for a second day in a row for the first time since March.
Before the Iran war, about 20 per cent of global oil supplies flowed through the strait.
US President Donald Trump stepped back from a proposal to charge a 20 per cent fee to guard the Strait of Hormuz as part of the conflict with Iran, saying he would instead seek investment deals with Gulf states.
US forces had carried out waves of attacks for the third night after Iran said it had closed the strait. President Trump on Monday reinstated a blockade of Iranian shipping and proposed the fee, but hours before the fee was to take effect, the American President said the strait was open to all shipping traffic except that of Iran.
The renewed attacks have fed doubts that a memorandum of understanding signed last month will lead to a permanent halt in the war that has disrupted global energy supplies and stoked inflation fears.
Data showed that US consumer inflation slowed more than expected in June as energy prices retreated, but financial markets still expect an interest rate hike from the Federal Reserve.
The Federal Reserve Chairman Kevin Warsh on Tuesday vowed to “do my job” if challenged by President Trump, who has said he wants the US central bank to cut interest rates and boost economic growth.
The American Petroleum Institute (API) estimated that crude oil inventories in the US fell by 564,000 barrels in the week ending July 10. In the week prior, US crude oil inventories fell by 399,000 barrels.
Although commercial crude oil inventories excluding the SPR have been falling rapidly for three months now, shedding just over 60 million barrels over the last twelve weeks, US crude inventories are only down 9.2 million barrels so far this year. The US Energy Information Administration (EIA) will release its report later on Wednesday.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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