NBS: Oil sector grew by 20% in Q2 2025 — outperforming non-oil

The National Bureau of Statistics (NBS) says Nigeria’s oil sector grew by 20.46 percent in the second quarter (Q2) of 2025, outperforming the non-oil sector.

According to the bureau’s Q2 2025 gross domestic product (GDP) report, the sector grew by 10.38 percentage points compared to the 10.08 percent recorded in the corresponding quarter of 2024.

The significant difference followed the rebasing of the GDP by the NBS in July, updating the base year to 2019.

NBS released the long-awaited rebased GDP figures, updating the base year to 2019.

The GDP rebasing involves updating the method used to calculate the country’s economic output, often by selecting a more recent base year for comparison — a change that significantly alters year-on-year assessments.

Furthermore, the bureau said the oil sector growth increased by 18.59 percentage points from the 1.87 percent recorded in the first quarter (Q1) 2025.

The Q2 2025 figure also outstripped the 5.66 percent and 2.08 percent growth rates recorded in Q3 and Q4 of last year, respectively.

“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 report reads.

The bureau reported that Nigeria produced an average of 1.68 million barrels of oil per day (bpd) in Q2 2025 — 270,000 more than the 1.41 million recorded in Q2 2024 and 60,000 above the 1.62 million in Q1 2025.

NON-OIL SECTOR GREW BY 3.64% IN Q2 2025

The report further noted that the non-oil sector grew by 3.64 percent during Q2 2025 — compared to the 3.26 percent reached in Q4 2024.

NBS noted that the non-oil sector grew by 3.79 percent in Q3 and 3.8 percent in Q4 of last year.

According to the bureau, the non-oil sector contributed 95.95 percent to the nation’s GDP in Q2 2025.

“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 agency said.

“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.”

NBS said the sector was driven in Q2 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.