Nigeria’s GDP grew by 3.98% in Q3 2025 — NBS
Nigeria’s gross domestic product (GDP) grew by 3.98 percent year-on-year in real terms in the third quarter of 2025, according to the latest GDP report released by the National Bureau of Statistics (NBS).
The figure represents a slowdown from the 4.23 percent recorded in the second quarter, as elevated inflation and tight monetary policy continued to weigh on economic activity.
Despite the moderation, growth was supported by strong performances in the services and agriculture sectors, alongside improved crude oil output between July and September.
Nigeria’s economy had earlier expanded by 3.13 percent in the first quarter of the year, following updated calculations that resulted from a GDP rebasing exercise conducted in July to reflect structural changes in Africa’s most populous country.
In Q3 2025, the oil sector grew by 5.84 percent year-on-year, driven by an average daily crude oil production of 1.64 million barrels per day (bpd)—up from 1.47 million bpd in the same period of 2024.
However, the sector’s contribution to overall GDP declined slightly to 3.44 percent, underscoring Nigeria’s increasing dependence on non-oil activities.
The non-oil sector expanded by 3.91 percent, buoyed by 4.15 percent growth in services and gains in industry. Agriculture recorded 3.77 percent growth during the quarter, the NBS said.
In October, the World Bank noted that Nigeria had made progress in stabilising its economy through recent policy reforms but called for further efforts to improve living standards and tackle rising food prices.
The Bank projects Nigeria’s GDP to grow by 4.2 percent in 2025, up from 3.4 percent in 2024, and to reach 4.4 percent by 2027, supported primarily by services, agriculture, and non-oil industries.
Inflation is expected to ease gradually but remain elevated; it stood at 16.05 percent in October, while the Central Bank of Nigeria’s benchmark interest rate is currently 27 percent.
