Tuesday, September 23, 2025 - Nigeria’s economy has shown steady resilience and growth, according to latest figure by the National Bureau of Statistics which shows that Gross Domestic Product (GDP) grew by 4.23% (year-on-year) in real terms in the second quarter of 2025.
The growth rate is higher than the 3.48% recorded in the
second quarter of 2024 and the 3.13% recorded in Q1 2025.
During the quarter under review, agriculture grew by 2.82%,
an improvement from the 2.60% recorded in the corresponding quarter of 2024.
The growth of the industry sector stood at 7.45% from 3.72%
recorded in the second quarter of 2024, while the Services sector recorded a
growth of 3.94% from 3.83% in the same quarter of 2024.
In terms of share of the GDP, the Industry sector
contributed more to the aggregate GDP in the second quarter of 2025 at 17.31%
compared to the corresponding quarter of 2024 at 16.79%.
In the quarter under review, aggregate GDP at basic price
stood at N100,730,501.10 trillion in nominal terms. This performance is higher
when compared to the second quarter of 2024, which recorded an aggregate GDP of
N84,484,878.46 million, indicating a year-on-year nominal growth of 19.23%.
For better clarity, the Nigerian economy has been classified
broadly into the oil and non-oil.
On the other hand, the NBS figures showed that the non-oil
sector grew by 3.64% in real terms during the reference quarter (Q2 2025).
This rate was higher by 0.38% points compared to the rate
recorded in the same quarter of 2024, which was 3.26% and higher than the 3.19%
recorded in the first quarter of 2025.
The sector was driven in the second quarter of 2025 mainly
by Agriculture (crop production); Information and communication
(telecommunications); real estate; financial and insurance (financial
institutions); trade; construction; and electricity, gas, steam & air
conditioning Supply, accounting for positive GDP growth.
In real terms, the non-oil sector contributed 95.95% to the
nation’s GDP in the second quarter of 2025, lower than the share recorded in
the second quarter of 2024, which was 96.49% and lower than the first quarter
of 2025 recorded as 96.03%.
The real growth of the oil sector was 20.46 (year-on-year)
in Q2 2025, indicating an increase of 10.38% points relative to the rate
recorded in the corresponding quarter of 2024 (10.08%). Growth in the sector
increased by 18.59% points when compared to Q1 2025, which was 1.87%.
On a quarter-on-quarter basis, the oil sector recorded a
growth rate of 6.01% in Q2 2025.
The Oil sector contributed 4.05% to the total real GDP in Q2
2025, up from the figure recorded in the corresponding period of 2024 at 3.51%.
and up from the preceding quarter, where it contributed 3.97%.
The nation in the second quarter of 2025, recorded an
average daily oil production of 1.68 million barrels per day (mbpd), higher
than the daily average production of 1.41 mbpd recorded in the same quarter of
2024 by 0.27 mbpd and higher than the first quarter of 2025 production volume
of 1.62 mbpd by 0.06mbpd.
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