Nigeria’s economy grew by 4.23 per cent year-on-year in the second quarter of 2025, according to the National Bureau of Statistics (NBS).
The NBS, in its Q2 2025 Gross Domestic Product (GDP) Report released on Monday, said the figure represents a marked improvement on the 3.48 per cent growth recorded in the same period of 2024 and the 3.13 per cent posted in the first quarter of 2025.
Experts attribute the stronger performance to the recent rebasing of GDP, a rebound in oil production and continued resilience in the non-oil sector.
According to the report, “Following the rebasing of the Gross Domestic Product using 2019 as the base year, previous quarterly GDP estimates were benchmarked to the rebased annual estimates to align the old series with the new rebased estimates.”
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The agriculture sector grew by 2.82 per cent in the quarter, up from 2.60 per cent in Q2 2024.
The industrial sector expanded by 7.45 per cent, compared to 3.72 per cent in the same period of 2024, while services grew by 3.94 per cent, up from 3.83 per cent last year.
The report also showed that the industry sector contributed 17.31 per cent to aggregate GDP in the second quarter of 2025, compared to 16.79 per cent in the same period of 2024.
In nominal terms, aggregate GDP at basic prices stood at ₦100.73 trillion in Q2 2025, representing a year-on-year growth of 19.23 per cent from ₦84.48 trillion recorded in the corresponding quarter of 2024.
