Nigeria’s GDP grows by 4.23% in Q2 2025

Nigeria’s economy recorded a notable boost in the second quarter of 2025, with real Gross Domestic Product (GDP) growing by 4.23% year-on-year, according to the latest figures from the National Bureau of Statistics (NBS).

The report, released on Monday, indicates a stronger performance compared to 3.48% growth in Q2 2024 and 3.13% in Q1 2025.

Analysts say the rebound reflects a combination of factors, including the revised GDP base year, improved oil production levels, and the resilience of the non-oil sector, which continues to drive much of the growth momentum.

The report said, “Following the rebasing of the Gross Domestic Product using 2019 as the base year, previous quarterly GDP estimates were benchmarked to the rebased annual estimates to align the old series with the new rebased estimates

“This procedure provided a new quarterly GDP series, which is compared to the 2025 second quarter estimates. Gross Domestic Product grew by 4.23% (year-on-year) in real terms in the second quarter of 2025.

“This growth rate is higher than the 3.48 per cent recorded in the second quarter of 2024. During the quarter under review, agriculture grew by 2.82%, an improvement from the 2.60% recorded in the corresponding quarter of 2024.

According to NBS, “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.”

The report said 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%.”

It added, “In the quarter under review, aggregate GDP at basic price stood at N100,730,501.10 million 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%.”