Nigeria’s economy has shown steady resilience and growth, according to latest figure by the National Bureau of Statistics which shows that Gross Domestic Product (GDP) grew by 4.23% (year-on-year) in real terms in the second quarter of 2025.
The growth rate is higher than the 3.48% recorded in the second quarter of 2024 and the 3.13% recorded in Q1 2025.
During the quarter under review, agriculture grew by 2.82%, an improvement from the 2.60% recorded in the corresponding quarter of 2024.
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.
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%.
In the quarter under review, aggregate GDP at basic price stood at N100,730,501.10 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%.
For better clarity, the Nigerian economy has been classified broadly into the oil and non-oil.
On the other hand, the NBS figures showed that 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.
The sector was driven in the second quarter of 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, accounting for positive GDP growth.
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 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%). Growth in the sector 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%. and up from the preceding quarter, where it contributed 3.97%.
The nation in the second quarter of 2025, recorded an average daily oil production of 1.68 million barrels per day (mbpd), higher than the daily average production of 1.41 mbpd recorded in the same quarter of 2024 by 0.27 mbpd and higher than the first quarter of 2025 production volume of 1.62 mbpd by 0.06mbpd.
