Nigeria Records 4.23% GDP Growth in Q2 2025, Says NBS

Nigeria’s economy expanded by 4.23 percent in the second quarter of 2025, the National Bureau of Statistics (NBS) has said.

The figure represents the country’s fastest growth rate in four years, reflecting a rebound in oil production and steady performance in non-oil sectors.

According to the latest GDP report released on Monday, the growth marks an improvement from 3.13 percent recorded in the first quarter of 2025 and 3.48 percent in the same period of 2024.

The NBS said Nigeria’s nominal GDP stood at ₦100.73 trillion in Q2 2025, compared with ₦84.48 trillion in the corresponding period of 2024, representing a nominal growth of 19.23 percent.

A breakdown of the data shows that the oil sector grew by 20.46 percent year-on-year, driven by an increase in average daily crude oil production to 1.68 million barrels per day, up from 1.41 million barrels per day in Q2 2024.

The non-oil sector grew by 3.64 percent, contributing 95.95 percent to the nation’s total GDP.

Sectoral performance also showed gains across agriculture, industry, and services. Agriculture grew by 2.82 percent, industry by 7.45 percent, while services expanded by 3.94 percent compared to the same quarter of 2024.

Economic analysts say the stronger growth highlights the impact of ongoing reforms, but warn that Nigeria remains vulnerable to global oil price fluctuations.

They urged the government to continue diversifying the economy to achieve more sustainable, non-oil-driven growth.

President Bola Tinubu’s administration has set an ambitious target of 7 percent annual growth by 2027.

The Q2 results, experts believe, signal progress but also underscore the need for deeper structural reforms to translate GDP expansion into job creation and improved living standards.