Nigeria’s GDP growth hits 4.23% in Q2 2025, outpacing previous quarters

Nigeria’s economy is showing signs of stronger recovery, as the National Bureau of Statistics (NBS) has reported a 4.23% year-on-year growth in real Gross Domestic Product (GDP) for the second quarter of 2025.

The figure marks a clear improvement over the 3.48% recorded in Q2 2024 and the 3.13% posted in Q1 2025, signaling renewed momentum in the country’s economic performance.

According to analysts, the growth is being powered by several key factors, including the recent rebasing of the GDP, a rebound in oil production, and the steady resilience of non-oil sectors such as agriculture, trade, and services.

The report 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.

“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.

According to NBS, “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 report said in terms of share of the GDP, “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%.”

It added, “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%.”