Nigeria’s GDP Grows by 4.23% in Q2 2025 – NBS

Nigeria’s GDP Grows by 4.23% in Q2 2025 – NBS

Nigeria’s Gross Domestic Product (GDP) expanded by 4.23 per cent year-on-year in the second quarter of 2025, according to the latest figures released by the National Bureau of Statistics (NBS).

The data, published on Monday in the Q2 2025 GDP Report on the NBS website, shows a marked improvement compared to the 3.48 per cent growth recorded in the corresponding quarter of 2024 and the 3.13 per cent posted in Q1 2025.

The NBS attributed the positive performance to the recent rebasing of the economy, a rebound in crude oil production, and resilience across non-oil sectors such as agriculture, manufacturing, and services.

“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,” the report stated.

The oil sector, which had suffered declines in recent quarters due to production bottlenecks and theft, recorded a recovery in Q2, contributing significantly to the overall growth rate. At the same time, the non-oil economy continued to show strong momentum, driven by increased activity in trade, telecommunications, and financial services.

Economic analysts say the figures point to a strengthening recovery trajectory for Africa’s largest economy, amid government efforts to stabilise the naira, attract foreign investment, and boost domestic productivity.

The latest numbers are expected to shape fiscal and monetary policy directions in the second half of 2025, particularly as the government intensifies its reforms to tackle inflation and unemployment.