The National Bureau of Statistics (NBS) has reported that Nigeria’s economy expanded by 4.23% year-on-year in the second quarter of 2025, surpassing the 3.48% recorded in the same period last year. Nominal Gross Domestic Product (GDP) reached ₦100.73 trillion, marking a 19.23% increase from Q2 2024.
The oil sector showed significant recovery, with crude oil output rising to 1.68 million barrels per day (mbpd), driving a 20.46% growth in the sector. Oil’s contribution to GDP increased to 4.05%, up from 3.51% in Q2 2024. Mining and quarrying activities also expanded by 20.86%, with coal and quarrying posting growth rates above 30% and 50% respectively.
Despite the rebound in oil, the non-oil economy continues to dominate, accounting for 95.95% of GDP and growing by 3.64%. Agriculture grew by 2.82%, contributing 26.17% to GDP, while industry expanded by 7.45%, although manufacturing slowed to 1.60%. The services sector grew by 3.94%, led by strong performances in ICT (6.61%), finance (16.13%), and transport (22.09%). Energy utilities also rose by 11.47%, supporting industrial activity.
Analysts say the robust GDP growth reflects the impact of President Bola Ahmed Tinubu’s economic reforms under the Renewed Hope Agenda, aimed at building a diversified and resilient economy.
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