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Cardinalstone Research: Macroeconomic Flash - NBS concludes GDP rebasing, releases Q1'25 figures | InfoWARE Finance

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Cardinalstone Research: Macroeconomic Flash - NBS concludes GDP rebasing, releases Q1'25 figures
(Source: CardinalStone Research, Date: 22-Jul-2025)

NBS concludes GDP rebasing, releases Q1'25 figures

After a hiatus, the National Bureau of Statistics (NBS) published the rebased GDP numbers, adopting 2019 as the new base year due to its relative economic stability. The rebasing exercise significantly increased the size of the economy, with nominal GDP for 2024 revised upward to N372.82 trillion ($242.75 billion), a 34.4% jump from the previous series figure of N277.49 trillion ($180.68 billion).  


Our first glance at the report indicates a rise in the size of the services sector, profiting from better capturing in the real estate and trade sectors. Similarly, despite the growing insecurity concerns in the country, the NBS revealed that the agricultural sector became bigger, enhanced by the National Agricultural Sample Census (NASC) and National Agricultural Sample Survey (NASS), conducted by the Bureau. Conversely, the industrial sector declined as the size of the manufacturing and oil sectors reduced.


Based on the Q1'25 numbers, the economy scaled by 3.1% YoY, with both the non-oil and oil sectors settling at 3.2% and 1.9%, respectively. 


More analysis to follow.

Regards,

CardinalStone Research 
Lagos Office: 5 Okotie Eboh Street 
                       South-West Ikoyi, Lagos
                       Nigeria

Abuja Office: 4 Misratah Street
                       Off Parakou Crescent
Wuse II, Abuja, Nigeria
Tel:                 +234(1) 7100433, 7100434
Email:            research@cardinalstone.com 
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CardinalStone | No 5, Okotie Eboh Street Ikoyi | Lagos, NG

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