Nigeria’s GDP grew by 4.23% in Q2 2025, says NBS

The National Bureau of Statistics (NBS) says Nigeria’s gross domestic product (GDP) grew by 4.23 percent in the second quarter (Q2) of 2025.

NBS released the GDP report for Q2 2025 on Monday.

The growth rate, the bureau said, is higher than the 3.48 percent recorded in the same quarter in 2024 and above the 3.13 percent recorded in the first quarter (Q1) of 2025.

“During the quarter under review, agriculture grew by 2.82%, an improvement from the 2.60% recorded in the corresponding quarter of 2024,” NBS said.

“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.”

According to the bureau, in terms of share, GDP in Q2 was driven mainly by the industry sector at 17.31 percent compared to the corresponding quarter of 2024 at 16.79 percent.

The statistics body further said that in the quarter under review, the aggregate GDP stood at N100.73 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%,” NBS added.

The bureau added that real GDP stood at N51.20 trillion.

‘OIL PRODUCTION GREW TO 1.6M BARRELS IN Q2 2025 – CONTRIBUTED 4.05% to GDP’

In the report, NBS said the country recorded an average daily oil production of 1.68 million barrels per day (mbpd) in the second quarter of 2025.

The Q2 2025 output surpassed the first quarter production volume of 1.62 mbpd.

“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%),” the bureau said.

“Growth 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%.”

During the preceding quarter, the oil sector contributed 3.97 percent.

‘NON-OIL SECTOR CONTRIBUTED 95.95% TO GDP IN Q2 2025’

The bureau said the non-oil sector contribution grew by 3.64 percent in Q2 and contributed 95.95 percent to the economic growth.

The sector’s contribution to the country’s Q2 GDP figure is lower than the 96.49 percent recorded in Q2 2024, as well as the previous quarter, which was 96.03 percent.

NBS said the non-oil sector, was driven mainly by agriculture (crop production); information and communication (telecommunication); real estate; financial and insurance (financial institutions); trade; construction; and electricity, gas, steam and air conditioning supply, accounting for positive GDP growth.