Daniel Otera
Nigeria’s economic growth has taken a significant leap, as the Gross Domestic Product (GDP) expanded by 4.23% year-on-year in the second quarter of 2025, according to the latest report by the National Bureau of Statistics (NBS).
This performance marks a clear improvement over the previous year’s 3.48% growth recorded in Q2 2024, and it also surpasses the 3.13% recorded in Q1 2025, indicating a positive shift in the country’s economic trajectory.
The NBS attributes this growth to a combination of factors, including the recent rebasing of the GDP, which now uses 2019 as the base year. This rebasing has allowed for a more accurate reflection of the country’s economic performance. Furthermore, a resurgence in oil production coupled with a resilient non-oil sector has played a crucial role in sustaining the economy’s upward momentum.
Agriculture, which is a cornerstone of Nigeria’s economy, showed notable improvement, growing by 2.82% in Q2 2025, up from 2.60% in the same period the previous year. The industrial sector witnessed a remarkable jump, recording a 7.45% growth, a significant increase from 3.72% in Q2 2024. The services sector also saw steady growth, rising by 3.94%, slightly up from 3.83% a year earlier.
In terms of contribution to the overall GDP, the industry sector became a major player, contributing 17.31% to the aggregate GDP in Q2 2025, compared to 16.79% in the same period of 2024. This shift highlights the growing importance of the industrial sector in Nigeria’s economic landscape.
The nominal GDP at basic prices for Q2 2025 stood at N100.73 trillion, a sharp 19.23% increase from the N84.48 trillion recorded in Q2 2024, showcasing a strong year-on-year growth.
This performance signals a more robust economy, driven by both oil and non-oil sectors, and sets a positive outlook for the remainder of 2025.