GDP

The National Bureau of Statistics (NBS) has announced that Nigeria’s Gross Domestic Product (GDP) grew by 4.23 per cent in real terms in the second quarter of 2025, compared with the 3.48 per cent recorded in the same period of 2024.

According to the Nigerian Gross Domestic Product Report Q2 2025 released on Monday in Abuja, the growth rate also surpassed the 3.13 per cent posted in the first quarter of 2025.

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The report showed that the agriculture sector expanded by 2.82 per cent in Q2 2025, slightly up from 2.60 per cent in Q2 2024. The industry sector recorded the strongest performance, growing by 7.45 per cent compared to 3.72 per cent in the corresponding period last year. The services sector also rose by 3.94 per cent, higher than 3.83 per cent in Q2 2024.

“In terms of contribution to GDP, the industry sector accounted for 17.31 per cent in Q2 2025, up from 16.79 per cent in Q2 2024,” the bureau said.

Nominal GDP at basic prices was estimated at N100.73 trillion in Q2 2025, marking a 19.23 per cent year-on-year increase from N84.48 trillion recorded in Q2 2024.

The oil sector grew by 6.01 per cent on a quarter-on-quarter basis, contributing 4.05 per cent to real GDP, higher than the 3.51 per cent in Q2 2024 and 3.97 per cent in Q1 2025. Average daily crude oil production rose to 1.68 million barrels per day (mbpd) in Q2 2025, compared with 1.41 mbpd in Q2 2024 and 1.62 mbpd in Q1 2025.

Meanwhile, the non-oil sector contributed 95.95 per cent to GDP in real terms during the quarter, slightly lower than the 96.49 per cent and 96.03 per cent recorded in Q2 2024 and Q1 2025 respectively.

The NBS also confirmed that it has rebased Nigeria’s GDP, adopting 2019 as the new base year, citing relative domestic economic stability. It explained that previous quarterly estimates were aligned with the rebased annual series to ensure consistency and accuracy.

LUKMAN ABDULMALIK
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