Nigeria’s Gross Domestic Product grew by 4.23 per cent in the second quarter of 2025, according to the National Bureau of Statistics.

This growth rate is higher than the 3.48 per cent recorded in the second quarter of 2024 and the 3.13 per cent posted in the first quarter of 2025.

The NBS attributed the positive performance to the recent rebasing of GDP figures, a rebound in oil production, and sustained resilience in the non-oil sector.

The rebasing of the national accounts using 2019 as the base year has provided a more accurate picture of the economy.

The industry sector recorded the strongest expansion, growing by 7.45% compared to 3.72% in Q2 2024. This sector accounted for 17.31% of the aggregate GDP in Q2 2025, up from 16.79% in Q2 2024.

Agriculture grew by 2.82%, an improvement from the 2.60% recorded in the corresponding quarter of 2024. The services sector also recorded a growth of 3.94%, slightly higher than 3.83% in the same quarter of 2024.

In terms of contribution to GDP, the oil sector contributed 4.05% to GDP during the quarter, while the non-oil sector maintained dominance with 95.95%. The non-oil sector grew by 3.64% in real terms during Q2 2025, higher than the 3.26% recorded in the same quarter of 2024 and the 3.19% recorded in Q1 2025.

The NBS report noted that aggregate GDP at basic price stood at N100,730,501.10 million in nominal terms, indicating a year-on-year nominal growth of 19.23%.

The oil sector’s real GDP growth was 20.46% year-on-year in Q2 2025, indicating an increase of 10.38 percentage points relative to the rate recorded in the corresponding quarter of 2024.

On a quarter-on-quarter basis, the oil sector recorded a growth rate of 6.01% in Q2 2025. Nigeria’s average daily oil production was 1.68 million barrels per day (mbpd) in Q2 2025, higher than the 1.41 mbpd recorded in the same quarter of 2024 and the 1.62 mbpd in Q1 2025.