The National Bureau of Statistics (NBS) says Nigeria’s Gross Domestic Product (GDP) rate in real terms grew by 4.23 per cent in the second quarter of 2025 on a year-on-year basis.

The NBS, in its Nigerian Gross Domestic Product Report for Q2 2025, released on Monday, stated that the growth rate was higher than the 3.48 per cent recorded in the second quarter of 2024.

It said it was higher than the 3.13 per cent recorded in the first quarter of 2025.

According to the report, the agricultural sector grew by 2.82 per cent in the second quarter of 2025, an increase from the 2.60 per cent recorded in the same quarter of 2024.

It said the industry sector witnessed a growth rate of 7.45 per cent, an improvement from the 3.72  per cent recorded in the second quarter of 2024.

“The services sector recorded a 3.94  per cent increase in growth rate compared to the 3.83 per cent recorded in Q2 2024.

“In terms of share of the GDP, the industry sector contributed more to the aggregate GDP in Q2 2025 at 17.31 per cent compared to the 16.79 per cent recorded in Q2 2024,” it said.

The report said that in the second quarter of 2025, aggregate GDP at basic prices stood at N100.73 trillion in nominal terms.

“This performance is higher when compared to the second quarter of 2024, which recorded aggregate GDP of N84.48 trillion, indicating a year-on-year nominal growth of 19.23 per cent,” the NBS said.

The report said the oil sector witnessed a growth rate of 6.01 per cent in Q2 2025 on a quarter-on-quarter basis.

It said the oil sector contributed 4.05 per cent of the total real GDP in Q2 2025, an increase from the 3.51 per cent recorded in Q2 2024 and 3.97 per cent in Q1 2025.

The report said that Q2 2025 recorded an average daily oil production of 1.68 million barrels per day (mbpd), higher than the daily average production of 1.41 mbpd recorded in Q2 2024 by 0.27 mbpd.

“Similarly, the production volume for Q2 2025 was higher than Q1 2025, which recorded 1.62 mbpd  by 0.06 mbpd,” it said.

It said the non-oil sector contributed 95.95  per cent to the GDP in Q2 2025 in real terms.

“This shows a decrease from the contribution recorded in Q2 2024 at 96.49  per cent and  Q1 2025 at 96.03 per cent,” it said.

The NBS rebased the GDP with 2019 as the base year due to the relative stability of the domestic economy.

The bureau said that previous quarterly GDP estimates were benchmarked to the rebased annual estimates to align the old series with the new rebased estimates.

It said this procedure provided a new quarterly GDP series compared to the 2025 second quarter estimates.

(NAN)