Nigeria’s economy recorded a strong performance in the second quarter of 2025, with real Gross Domestic Product (GDP) expanding by 4.23 per cent year-on-year, according to the National Bureau of Statistics (NBS). This marks a significant improvement compared to the 3.48 per cent growth in the same quarter of 2024 and the 3.13 per cent recorded in the first quarter of 2025. The figures point to a strengthening economy, boosted by a rebound in oil production and consistent resilience in non-oil sectors.
The report highlighted that the oil sector played a key role in the rebound, as crude oil production rose to an average of 1.68 million barrels per day in Q2 2025, up from 1.41 mbpd in Q2 2024. This helped the oil sector record a sharp real growth of 20.46 per cent, providing a major lift to the overall GDP numbers.
At the same time, the non-oil sector, which remains the backbone of the Nigerian economy, posted a real growth of 3.64 per cent. Growth was driven by activities in agriculture, particularly crop production, telecommunications, trade, financial institutions, real estate, construction, and electricity and gas supply. Industry stood out among non-oil segments, expanding by about 7.45 per cent, while services grew by 3.94 per cent and agriculture by 2.82 per cent.
In nominal terms, Nigeria’s GDP stood at ₦100.73 trillion in Q2 2025, compared with ₦84.48 trillion in the same period of 2024, representing a nominal growth of 19.23 per cent. The NBS explained that the results also reflect the country’s recent GDP rebasing exercise, which updated the base year to 2019. This adjustment was made to capture current realities in sectoral contributions, aligning past data with the rebased estimates for more accurate measurement.
While the oil sector recovery has provided a much-needed boost, economists caution that sustained growth will depend on stabilising the sector and deepening reforms in the non-oil economy. Analysts note that improving productivity in agriculture, diversifying exports, and creating a business-friendly environment will be key to ensuring that this momentum translates into broad-based development and job creation.
