Nigeria’s economy accelerated in the second quarter of 2025, with real GDP rising 4.23% year-on-year, according to fresh data from the National Bureau of Statistics (NBS).
The figure marks a significant uptick from the 3.48% recorded in Q2 2024 and an improvement on the 3.13% posted in Q1 2025, signaling renewed momentum in Africa’s largest economy.
The growth comes on the back of Nigeria’s GDP rebasing exercise, which now uses 2019 as the base year.
This recalibration, the NBS explained, aligns previous quarterly estimates with the updated series, providing a clearer picture of economic activity.
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Sectoral performance painted a diverse growth story. Agriculture expanded 2.82%, up slightly from 2.60% in the same period last year, while the industry sector surged by 7.45%, more than doubling its 2024 growth rate of 3.72%.
Services—the backbone of Nigeria’s urban economy—also registered steady expansion at 3.94%, compared to 3.83% a year earlier.
In terms of GDP composition, industry’s contribution rose to 17.31% in Q2 2025, up from 16.79% in the comparable quarter of 2024, underscoring the sector’s growing weight in Nigeria’s recovery.
Nominal GDP, which reflects current market prices, stood at ₦100.73 trillion in Q2 2025, representing a 19.23% increase over the ₦84.48 trillion reported in the same quarter last year.
The latest numbers suggest that Nigeria’s economy is finding firmer footing, aided by a rebound in oil production, resilience in non-oil sectors, and structural shifts in the GDP framework.
However, sustaining this momentum will require careful policy balancing—particularly as inflationary pressures, currency volatility, and debt concerns continue to shadow Africa’s most populous nation.
Source: https://punchng.com/breaking-nigerias-gdp-grows-by-4-23-in-q2-2025-nbs/
Image Credit: Tribune Online
