As anticipated, Nigeria’s economy grew by 4.23 per cent, up from 3.13 per cent year-on-year in the second quarter of 2025 as recorded in the first quarter, according to the latest Gross Domestic Product (GDP) figures released by the National Bureau of Statistics (NBS).
The report released yesterday shows that real Gross Domestic Product ( GDP) stood at ₦51.20 trillion, while nominal GDP is estimated at ₦100.73 trillion in Q2.
This has remained a continues trend of steady recovery following a series of modest growth rates in 2024.
In the midst of the report, the oil sector contributed 4.05 per cent to GDP in Q2, slightly higher than the 3.97 per cent share in Q1.
Also, average daily oil production rose to 1.68 million barrels per day, a 3.7 per cent increase from 1.62 million barrels in Q1 2025.
According to NBS report, the improvement comes after years of underperformance due to theft, sabotage, and underinvestment, which had kept production well below Nigeria’s OPEC quota, even as recent gains have now enabled the country to meet its production target.
The non-oil sector maintained its dominance, accounting for 95.95 percent of GDP.reflecting Nigeria’s increasing reliance on agriculture, industry, and services as engines of economic growth.
Similarly, the services sector remained the largest contributor to real GDP, making up 56.53 percent, followed by agriculture with 26.17)l percent while the industry sector recorded 17.31 percent .
“The services sector has consistently led quarterly contributions since early 2024, highlighting its role in economic resilience and diversification.
“Also the Q2 performance marks continued momentum for the Nigerian economy, with quarterly growth accelerating from 2.27 percent in Q1 2024 to 4.23 percent in Q2 2025 and on an annual basis, GDP grew by 3.38 per cent in 2024, compared with 3.04 per cent in 2023 and 4.32 per cent in 2022.”
It stated that the stronger economic numbers come as President Bola Tinubu targets 7 percent annual GDP growth by 2027, a key component of his administration’s reform agenda aimed at boosting investment, creating jobs, and stabilizing the macroeconomic environment.
