By Bayo Olupohunda,Dave Ibemere
Copyright legit
The NBS has revealed that Nigeria’s GDP growth rate rose year-on-year in the second quarter of 2025The report shows that the Nigerian economy improved compared to the first quarter and the same period of 2024.The performance of the GDP in the second quarter of 2025 was driven mainly by a sharp rebound in the oil sector.
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The National Bureau of Statistics has revealed that Nigeria recorded a real Gross Domestic Product (GDP) grew by 4.23% (year-on-year) in real terms in the second quarter of 2025
The latest figure is an increase represents a 110-basis point increase from the 3.13% recorded in Q1 2025 and a 75-basis point rise compared to 3.48% in the same period of 2024.
The NBS stated this in its latest Quarterly Gross Domestic Product (GDP) report published on Monday, September 22, 2025.
According to the report the during the quarter under review, agriculture grew by 2.82%, an improvement from the 2.60% recorded in the corresponding quarter of 2024.
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.
NBS stated:
“In terms of share of GDP, the Industry sector contributed more to aggregate GDP in the second quarter of 2025 at 17.31%, compared to 16.79% in the corresponding quarter of 2024.
“In the quarter under review, aggregate GDP at basic prices stood at ₦100,730,501.10 million in nominal terms. This performance is higher than the ₦84,484,878.46 million recorded in the second quarter of 2024, indicating a year-on-year nominal growth of 19.23%.”
Oil sector:
The oil sector spearheaded the recovery, recording a massive 20% year-on-year growth in Q2 2025, its strongest performance in years, up from just 1.87% in Q1.
This surge was driven by higher crude oil production, with Nigeria pumping an average of 1.68 million barrels per day during the quarter — significantly above the 1.41 mbpd in Q2 2024 and higher than the 1.62 mbpd in Q1 2025.
Despite this rebound, the sector’s direct contribution to GDP remained modest at 4.05%, slightly above the 3.97% recorded in Q1 2025.
Industry sector:
Expanded by 7.45% in Q2 2025, up sharply from 3.72% in the same quarter of 2024. The sector contributed 17.31% to GDP, higher than 16.79% in Q2 2024 but lower than Q1’s 19.18% on a quarter-on-quarter basis.
GDP rebasing
The NBS explained that following the rebasing of the GDP using 2019 as the new base year, previous quarterly estimates were benchmarked to the rebased annual estimates.
“This provided a new quarterly GDP series aligned with the updated methodology.”
Top 10 contributing activities to real GDP in Q2 2025
Trade: 22.78%Crop production: 14.92%Real estate: 13.84%Telecommunications & information services: 6.05%Financial institutions: 5.88%Crude petroleum & natural gas: 4.05%Food, beverage & tobacco: 3.97%Construction: 3.63%Professional, scientific & technical services: 3.25%Other services: 3.02%
Nigeria on track for $1 trillion economy under Tinubu
Earlier, Legit.ng reported that the Independent Media and Policy Initiative (IMPI), a Nigerian policy research group, has published a statement outlining its belief that the policies implemented by the President Bola Tinubu administration will propel the nation towards a $1 trillion economy within the next eight years.
IMPI’s chairman, Niyi Akinsiju, argues that the government’s decision to actively collaborate with private sector players is a critical factor in achieving this ambitious goal.
Source: Legit.ng
