Nigeria’s GDP expands by 4.23% in Q2 2025, driven by oil and industry growth

The National Bureau of Statistics (NBS), on Monday, announced that the Nigeria’s economy grew by 4.23 percent in the second quarter of 2025.

The figure is considerably higher than the 3.48 percent growth recorded in the same quarter of 2024, and above the 3.13 percent reported in the first quarter of 2025.

According to the report, agriculture grew by 2.82 percent in Q2, up from 2.60 percent in the corresponding quarter of 2024 while the services sector posted a growth of 3.94 percent, compared to 3.83 percent last year.

The strongest performance came from industry, which expanded by 7.45 percent. This marks a sharp rise from 3.72 percent in Q2 2024, pushing the sector’s share of GDP to 17.31 percent from 16.79 percent.

The report reveals that the aggregate GDP in nominal terms stood at N100.73 trillion, compared to N84.48 trillion in Q2 2024—reflecting a year-on-year nominal growth of 19.23 percent.

Oil sector surges

The report showed that average daily oil production rose to 1.68 million barrels per day in Q2 2025, up from 1.62 million barrels in the first quarter.

“The real growth of the oil sector was 20.46 percent in Q2 2025, compared to 10.08 percent in Q2 2024,” NBS said.

The sector also grew by 6.01 percent on a quarter-to-quarter basis. Its contribution to real GDP increased to 4.05 percent, higher than the 3.51 percent recorded in Q2 2024 and 3.97 percent in Q1 2025.

Despite the surge in oil, the non-oil sector continued to drive most of the economy, contributing 95.95 percent of GDP.

“The non-oil sector grew by 3.64 percent in Q2 2025, compared to 3.74 percent in Q1 2025,” the report said.

It was largely driven by crop production, telecommunications, real estate, financial services, trade, construction, and electricity.

NBS concluded that, while oil posted strong gains, the broader economy remains anchored by non-oil activities.