Nigeria’s GDP soars by 4.23%

Nigeria’s economy recorded a year-on-year growth of 4.23% in the second quarter (Q2) of 2025, according to the Gross Domestic Product (GDP) report released by the National Bureau of Statistics (NBS) on Monday.

The figure represents a marked improvement over the 3.48% growth in Q2 2024 and the 3.13% recorded in Q1 2025, signalling an increasingly robust economic recovery.

The NBS attributed the positive performance to the recent rebasing of GDP figures, a rebound in oil production, and sustained resilience in the non-oil sector.

“Following the rebasing of the GDP using 2019 as the new base year, previous quarterly GDP estimates were benchmarked to align with the new annual rebased figures,” the report stated.

The agriculture sector posted a year-on-year growth of 2.82% in Q2 2025, up from 2.60% recorded in the same period of 2024.

The industrial sector showed impressive growth of 7.45%, more than doubling the 3.72% growth rate recorded in Q2 2024. Meanwhile, the services sector grew by 3.94%, slightly higher than the 3.83% posted in the same quarter last year.

In terms of contributions to the overall GDP, the industry sector accounted for 17.31%, up from 16.79% in Q2 2024.

“This performance indicates increased output in the oil and manufacturing sub-sectors,” the NBS said.

The report also highlighted a significant increase in nominal GDP, which stood at ₦100.73 trillion in Q2 2025, compared to ₦84.48 trillion in the same quarter of 2024. This reflects a year-on-year nominal growth of 19.23%.