NIGERIA’S ECONOMY GROWS 4.23% IN Q2 2025, DRIVEN BY OIL REBOUND AND STRONG NON-OIL SECTOR – NBS
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Agency Report
Nigeria’s economy recorded a growth rate of 4.23 per cent year-on-year in the second quarter of 2025, according to the latest Gross Domestic Product (GDP) report released by the National Bureau of Statistics (NBS) on Monday.
The figure marks a significant improvement from the 3.48 per cent growth posted in Q2 2024 and the 3.13 per cent growth recorded in Q1 2025, signaling a stronger recovery in Africa’s largest economy.
According to the NBS, the performance reflects the impact of the recent rebasing of GDP using 2019 as the new base year, alongside improved oil production and a resilient non-oil sector.
Agriculture expanded by 2.82 per cent in Q2 2025, compared to 2.60 per cent in the same quarter of 2024. The industry sector grew by 7.45 per cent, nearly double the 3.72 per cent recorded in Q2 2024, while the services sector posted a growth of 3.94 per cent, up from 3.83 per cent in the same period last year.
In terms of contribution to GDP, the industry sector accounted for 17.31 per cent of aggregate GDP in Q2 2025, higher than the 16.79 per cent recorded in the corresponding quarter of 2024.
The report also revealed that Nigeria’s aggregate GDP at basic prices stood at N100.73 trillion in nominal terms, representing a 19.23 per cent increase compared to the N84.48 trillion recorded in Q2 2024.
Economists say the improved growth trajectory highlights renewed momentum in the economy, though structural challenges remain in sustaining broad-based expansion.
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