September 22, (THEWILL) — The National Bureau of Statistics (NBS) on Monday announced that Nigeria’s Gross Domestic Product (GDP) grew by 4.23 per cent in the second quarter of 2025 (Q2’25).
The figure marks a 1.1 percentage point increase from the 3.13 per cent growth recorded in Q1’25, and an improvement over the 3.48 per cent posted in Q2’24.
The NBS explained that the latest figures reflect a rebased GDP series using 2019 as the new base year. Previous quarterly GDP estimates were benchmarked against the rebased annual estimates to align the old data with the new series.
During the period under review, the agriculture sector expanded by 2.82 per cent, up from 2.60 per cent in Q2’24.
The industry sector grew by 7.45 per cent compared to 3.72 per cent a year earlier, while services recorded a 3.94 per cent growth, slightly above the 3.83 per cent posted in Q2’24.
In terms of contribution to GDP, the industry sector accounted for 17.31 per cent in Q2’25, up from 16.79 per cent in the same quarter of 2024.
Aggregate nominal GDP stood at N100.73 trillion, compared to N84.48 trillion in Q2’24, representing a year-on-year nominal growth of 19.23 per cent.
Oil Sector
Nigeria’s average daily crude oil production rose to 1.68 million barrels per day (mbpd) in Q2’25, higher than the 1.41 mbpd recorded in Q2’24 and 1.62 mbpd in Q1’25.
The oil sector recorded real growth of 20.46 per cent year-on-year in Q2’25, up from 10.08 per cent in Q2’24. This represented an 18.59 percentage point increase compared to Q1’25, which stood at 1.87 per cent.
On a quarter-on-quarter basis, the sector grew by 6.01 per cent. Its contribution to real GDP rose to 4.05 per cent, up from 3.51 per cent in Q2’24 and 3.97 per cent in Q1’25.
Non-Oil Sector
The non-oil sector grew by 3.64 per cent in real terms in Q2’25, higher than the 3.26 per cent recorded in Q2’24 and 3.19 per cent in Q1’25.
Growth was driven mainly by agriculture (crop production), information and communication (telecommunications), real estate, financial institutions, trade, construction, and electricity, gas, steam and air conditioning supply.
The non-oil sector accounted for 95.95 per cent of GDP in Q2’25, slightly lower than the 96.49 per cent recorded in Q2’24 and 96.03 per cent in Q1’25.
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