Nigeria’s GDP Hits $243 Billion With 3.13% Q1 Growth; Oil Production at 1.6 Million BPD, 6% Theft Rate

Nigeria's economy showed notable growth in the first quarter of 2025, with gross domestic product (GDP) expanding by 3.13% year-over-year. This upward revision follows changes in the methodology used by national statistics authorities, which now include a broader range of informal sectors in GDP calculations. As a result, Nigeria's GDP was recalculated to reach $243 billion in 2024. In the oil sector, Nigeria's crude oil production stood at 1.6 million barrels per day in Q1 2025. However, the country continues to face challenges with crude oil theft, which reached 6% of total production last year, marking the highest rate in 15 years.