Nigeria’s economy gained fresh momentum in the second quarter of 2025, recording a 4.23 percent year-on-year growth in real Gross Domestic Product (GDP), according to new data from the National Bureau of Statistics (NBS).
The report, released on Monday, shows the economy performed better than in the same period last year, when growth stood at 3.48 percent, and also outpaced the 3.13 percent recorded in the first quarter of 2025.
Analysts say the latest numbers reflect a strengthening recovery, supported by improvements in oil production, a resilient non-oil sector, and the rebasing of Nigeria’s GDP, which now uses 2019 as the new benchmark year.
According to the NBS, the rebasing exercise provided a more accurate measurement of economic activity by aligning past quarterly figures with updated annual estimates. “The new series offers a clearer view of how the economy is performing,” the bureau explained.
Agriculture, Industry, and Services Show Gains
Sectoral performance highlights a broad-based recovery. Agriculture grew by 2.82 percent, higher than the 2.60 percent recorded in the second quarter of 2024. Industry was the star performer, expanding by 7.45 percent, a sharp rise compared to 3.72 percent a year earlier. The services sector also improved slightly, posting 3.94 percent growth against 3.83 percent in Q2 2024.
The industry sector’s contribution to overall GDP climbed to 17.31 percent in Q2 2025, up from 16.79 percent in the same quarter last year, underscoring its growing influence on the economy.
Nominal GDP Crosses ₦100 Trillion
In monetary terms, Nigeria’s GDP at basic prices reached ₦100.73 trillion in the second quarter of 2025, compared to ₦84.48 trillion in Q2 2024. This represents a nominal year-on-year increase of 19.23 percent, further highlighting the scale of expansion.
Economists believe the figures signal renewed optimism for Africa’s largest economy, especially as reforms and improvements in the oil sector continue to boost performance, while non-oil activities provide stability.
Further details are expected from the NBS in the coming days.