JUST IN: Nigeria’s Economy Expands By 4.23% in 2025 Q2

Nigeria’s economy recorded a 4.23 per cent growth in the second quarter of 2025, according to figures released on Monday by the National Bureau of Statistics (NBS).

The latest Gross Domestic Product (GDP) report showed a stronger performance compared to the 3.48 per cent growth in the same quarter of 2024 and the 3.13 per cent posted in the first quarter of 2025.

The NBS explained in the Q2 report that the growth reflects the impact of the recent GDP rebasing, improved oil output and a resilient non-oil sector.

It said: “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.

“This procedure provided a new quarterly GDP series, which is compared to the 2025 second quarter estimates. Gross Domestic Product grew by 4.23% (year-on-year) in real terms in the second quarter of 2025.”

According to the Bureau, the second quarter growth was boosted by improvements in agriculture, industry, and services.

It noted: “This growth rate is higher than the 3.48 per cent recorded in the second quarter of 2024. During the quarter under review, agriculture grew by 2.82%, an improvement from the 2.60% recorded in the corresponding quarter of 2024.

“The growth of the industry sector stood at 7.45% from 3.72% recorded in the second quarter of 2024, while the Services sector recorded a growth of 3.94% from 3.83% in the same quarter of 2024.”

The NBS also highlighted the sectoral contributions to the economy, with industry emerging stronger.

It said: “The Industry sector contributed more to the aggregate GDP in the second quarter of 2025 at 17.31% compared to the corresponding quarter of 2024 at 16.79%.”

On nominal terms, the report stated: “In the quarter under review, aggregate GDP at basic price stood at N100,730,501.10 million in nominal terms. This performance is higher when compared to the second quarter of 2024, which recorded an aggregate GDP of N84,484,878.46 million, indicating a year-on-year nominal growth of 19.23%.”