Lagos, Nigeria – September 23, 2025
Nigeria’s economy grew by 4.23% in real terms during the second quarter of 2025, marking the fastest quarterly expansion in four years, the National Bureau of Statistics (NBS) has reported.
This represents an increase from 3.13% in the first quarter of 2025 and 3.48% in the same period last year.
The growth was largely driven by a rebound in the oil sector.
Average daily crude oil production rose to 1.68 million barrels per day (bpd) in Q2 2025, up from 1.41 million bpd in Q2 2024, resulting in a 20.46% year-on-year growth contribution to GDP.
Meanwhile, the non-oil sector, traditionally the anchor of Nigeria’s economy, grew by 3.64% year-on-year and accounted for 95.95% of total GDP.
This is a slight decline from 96.49% in Q2 2024 and 96.03% in Q1 2025, reflecting the increased contribution of the oil sector to overall economic activity.
Key contributors to the non-oil sector included agriculture, telecommunications, real estate, financial services, trade, construction, and electricity supply.
The industrial sector recorded a notable 7.45% growth, while agriculture and services expanded by 2.82% and 3.94%, respectively.
The NBS noted that the rebasing of GDP using 2019 as the base year has provided a more accurate reflection of Nigeria’s economic structure.
The Central Bank of Nigeria has projected a 4.17% growth for 2025, supported by ongoing economic reforms and stabilizing inflation.
President Bola Tinubu has set a target of 7% annual GDP growth by 2027, aiming to diversify the economy and reduce dependency on oil revenues.
