Nigeria’s Gross Domestic Product (GDP) grew by 4.23 per cent in real terms in the second quarter of 2025, boosted by strong oil output and broad improvements across key sectors, the National Bureau of Statistics (NBS) reported yesterday.
The growth rate was 110 basis points higher than the 3.13 per cent recorded in the first quarter of 2025 and above the 3.48 per cent posted in Q2 2024.
The oil sector led the rebound, expanding by 20.46 per cent compared to 1.87 per cent in Q1, as crude production rose to an average of 1.68 million barrels per day (mb/d). This marked a 19.1 per cent jump from 1.41 mb/d in Q2 2024 and surpassed the 1.62 mb/d achieved in Q1. Oil’s contribution to GDP inched up to 4.05 per cent.
The non-oil sector also strengthened, recording 3.64 per cent growth against 3.19 per cent in Q1. Agriculture rebounded sharply with 2.82 per cent growth after a sluggish 0.07 per cent in Q1, while Industries nearly doubled to 7.45 per cent. Services, however, slowed slightly to 3.94 per cent from 4.33 per cent.
In terms of composition, Services contributed 56.53 per cent to GDP, Agriculture 26.17 per cent, and Industries 17.31 per cent. Aggregate GDP at basic prices stood at ₦100.73 trillion in nominal terms, up from ₦84.48 trillion in Q2 2024, reflecting year-on-year nominal growth of 19.23 per cent.
Experts welcomed the figures as signs of resilience but stressed the need for sustained reforms. Nigeria Economic Summit Group Chairman, Niyi Yusuf, described the performance as “steady progress in the right direction,” while urging the government to deepen reforms, attract private sector investment, and address security concerns.
Highcap Securities’ Managing Director, David Adonri, called the growth “amazing,” noting it surpassed the year’s 3.7 per cent projection. However, he cautioned that “real growth must be rooted in non-inflationary levers to be meaningful to the people.”
Analysts at Arthur Steven Asset Management said the report confirmed Nigeria’s economic expansion and reinforced its stable outlook.
