Nigeria’s Gross Domestic Product (GDP) grew by 4.23 per cent on a year-on-year basis in real terms in the second quarter (Q2) of the year.
The National Bureau of Statistics (NBS) revealed this in its second-quarter report released on Monday, September 22.
The report shows the growth rate is higher than the 3.48 per cent recorded in the second quarter of 2024 as well as the 3.13 per cent in the first quarter of this year.
Pinnacle Daily reports that the statistics office had rebased the GDP using 2019 as the base year to capture certain sectors of the economy and reflects the true state of the country’s economy
According to NBS, the Nigerian economy has been classified broadly into the oil and non-oil sectors.
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A review of the report shows that the oil sector contributed a minimal 4.05 per cent to the total real GDP in the review quarter, from 3.51 per cent in Q2 2024 and 3.97 per cent in Q1 2025.
However, in real terms, the non-oil sector contributed 95.95 per cent to the GDP, lower than 96.49 per cent in the same quarter in 2024 and 96.03 per cent in the first quarter of this year.
Further insight by the NBS shows that the daily oil production average of 1.68 million barrels per day (bpd) is higher than 1.41 million bpd recorded in the same quarter of 2024 and 1.62 million bpd in Q1 2025.
The oil sector’s real growth also improved to 20.46 per cent compared to 10.08 per cent in 2024.
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On the other hand, the non-oil sector grew by 3.64 per cent in real terms from 3.26 per cent in 2024 and 3.19 per cent in the first quarter of the year.
“This sector was driven in the second quarter of 2025 mainly by agriculture (crop production); information and communication (telecommunications); real estate; financial and insurance (financial institutions); trade; construction; and electricity, gas, Steam & Air Conditioning Supply, accounting for positive GDP growth,” NBS noted.
It disclosed further that agriculture grew by 2.82 per cent, improving from the 2.6 per cent recorded in the same quarter of 2024.
The industry sector stood at 7.45 per cent from 3.72 per cent recorded, while the services sector recorded a growth of 3.94 per cent from 3.83 per cent in the same quarter of 2024.
In terms of share of the GDP, the industry sector contributed more to the aggregate GDP at 17.31 per cent compared to 16.79 per cent.
According to the NBS, aggregate GDP at basic price stood at N100.73 trillion in nominal terms, higher than N84.48 million in 2024, indicating a year-on-year nominal growth of 19.23 per cent.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
