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GROSS DOMESTIC PRODUCT
Despite nominal inflation pressures and currency depreciation, key sectors such as Real Estate, Trade, Crop Production, and Telecommunications emerged as the largest contributors to GDP
Specifically, household consumption expenditure fell by -42.28% in Q1 2024 and -61.18% in Q2 2024, reflecting lower rates compared to the same quarters in 2023. On a quarter-on-quarter basis, real household consumption expenditure decreased by 45.71% in Q1 2024 and plummeted by 99.24% in Q2 2024. These figures are difficult to digest.
The National Bureau of Statistics (NBS) had, in its latest report, revealed that Nigeria’s Gross Domestic Product (GDP) grew by 3.13% year-on-year in real terms in the first quarter (Q1) of 2025.
The Information and Communications Technology (ICT) sector recorded 31.63% year-on-year growth in nominal terms for the first quarter of 2025, according to the latest GDP report from the National Bureau of Statistics (NBS).
Analysts at CardinalStone are projecting Nigeria’s GDP in H2 2025 to grow at its fastest pace since 2014, fueled largely by renewed activity in the oil and gas sector.
Nigeria’s fiscal deficit is expected to rise to 4.7% of Gross Domestic Product (GDP) in 2025, according to the latest International Monetary Fund (IMF) report.
Nigeria’s economy is expected to witness steady growth, with analysts predicting that the country’s Gross Domestic Product (GDP) could reach 5% under President Bola Tinubu’s administration.
The Nigerian Economic Summit Group (NESG) has attributed the country’s improved economic growth in 2024 to the gains from the Federal Government’s policy reforms.
The rebasing of Nigeria’s Gross Domestic Product (GDP) and Consumer Price Index (CPI) will ensure that economic indicators accurately reflect the country’s current realities.
The National Bureau of Statistics (NBS) has announced the rebasing of Nigeria's Gross Domestic Product (GDP) data, with 2019 selected as the new base year.
The Coordinating Minister of Health and Social Welfare, Prof. Muhammad Pate, has revealed that malaria costs Nigeria over $1.1 billion in annual Gross Domestic Product (GDP) losses.
Nigeria’s manufacturing sector's contribution to the Gross Domestic Product (GDP) has witnessed a significant contraction over the past two quarters, reflecting a decline of 20.95% from the end of 2023 to the second quarter of 2024.