Nigeria’s economy showed notable momentum in the second quarter of 2025, with the country’s Gross Domestic Product (GDP) growing by 4.23% in real terms year-on-year, according to the latest figures from the National Bureau of Statistics (NBS).
This development was detailed in the NBS’s Q2 2025 Gross Domestic Product Report, released Monday in Abuja. The report highlights that the 4.23% growth rate outpaced the 3.48% recorded in Q2 2024 and also marked an improvement from the 3.13% seen in Q1 2025.
The report revealed that, “In real terms, the Nigerian GDP grew by 4.23% year-on-year in Q2 2025,” signaling stronger economic performance across multiple sectors.
*Sector Breakdown: Industry Takes the Lead*
The industrial sector was the star performer in Q2 2025, expanding by 7.45%—a significant leap from the 3.72% growth posted in the same period the previous year. Agriculture also made modest gains, growing by 2.82%, slightly up from 2.60% in Q2 2024.
The services sector maintained steady momentum, recording a 3.94% growth compared to 3.83% in the corresponding quarter of the previous year.
“In terms of contribution to GDP, the industry sector accounted for 17.31% of the total output in Q2 2025,” the NBS stated, noting this as a rise from its 16.79% share in Q2 2024.
*Nominal GDP and Oil Sector Update*
In nominal terms, Nigeria’s GDP reached ₦100.73 trillion in Q2 2025, reflecting a year-on-year increase of 19.23% from the ₦84.48 trillion recorded in the second quarter of 2024.
The oil sector showed renewed strength, growing by 6.01% quarter-on-quarter.
“The oil sector contributed 4.05% to real GDP in Q2 2025, up from 3.51% in Q2 2024 and 3.97% in Q1 2025,” the bureau noted.
Daily oil production averaged 1.68 million barrels per day (mbpd), a boost from the 1.41 mbpd in Q2 2024 and 1.62 mbpd in Q1 2025.
*Non-Oil Sector Still Dominant*
Despite gains in the oil industry, the non-oil sector remained the backbone of the economy, contributing 95.95% to the GDP in real terms. However, this was slightly lower than the 96.49% recorded in Q2 2024 and 96.03% in Q1 2025.
Methodology Update: GDP Now Based on 2019 Benchmark
The NBS also disclosed that it has rebased the national GDP to reflect 2019 as the new base year, citing greater economic stability during that period. “All previous quarterly estimates were adjusted to align with the new benchmark,” the report clarified.
