Nigeria’s economy expands 4.23% in Q2 2025, driven by oil, industry
Story by Martha Gwary
Nigeria’s economy grew by 4.23 per cent in the second quarter of 2025, sustaining its upward trend and reflecting stronger oil production and industrial output, the National Bureau of Statistics (NBS) has reported.
The latest figure surpasses the 3.48 per cent growth recorded in the same quarter of 2024 and the 3.13 per cent posted in the first quarter of this year, marking one of the strongest performances in recent years.
Agriculture maintained steady growth at 2.82 per cent, up from 2.60 per cent in Q2 2024, while the services sector expanded by 3.94 per cent, marginally higher than the 3.83 per cent seen a year earlier.
Industry was the standout performer, expanding by 7.45 per cent compared with 3.72 per cent in Q2 2024. Its share of GDP climbed to 17.31 per cent from 16.79 per cent in the same period last year.
In nominal terms, GDP at basic prices rose to ₦100.73 trillion, a year-on-year increase of 19.23 per cent from ₦84.48 trillion in Q2 2024, according to the NBS.
The non-oil sector, which remains the backbone of Nigeria’s economy, grew by 3.64 per cent in real terms, supported by crop production, telecommunications, real estate, financial services, trade, construction and power. However, its share of GDP eased slightly to 95.95 per cent, compared with 96.49 per cent a year earlier.
READ ALSO: Nigeria’s GDP grows 3.84% in Q4 2024
The oil sector staged a sharp rebound, recording 20.46 per cent growth year-on-year, a major jump from the 10.08 per cent seen in Q2 2024 and a significant recovery from the 1.87 per cent growth of Q1 2025.
Oil contributed 4.05 per cent to total real GDP in Q2 2025, up from 3.51 per cent in Q2 2024. Daily crude production averaged 1.68 million barrels per day, 0.27 mbpd higher than the same quarter last year and slightly above the 1.62 mbpd recorded in Q1 2025.
Analysts say the figures reflect improved oil output alongside modest but stable expansion in agriculture and services, while industrial activity continues to strengthen Nigeria’s broader economic outlook.
Follow the Neptune Prime channel on WhatsApp:
Do you have breaking news, interview request, opinion, suggestion, or want your event covered? Email us at neptuneprime2233@gmail.com
