GDP Grows by 4.23% in Q2 2025- NBS
…Buoyed by Industry, Service Sectors
By Patience Ikpeme
Nigeria’s Gross Domestic Product (GDP) grew by 4.23% (year-on-year) in real terms in the second quarter of 2025, data released on Monday by National Bureau of Statistics (NBS) disclosed.
The growth rate is higher than the 3.48% recorded in the second quarter of 2024 and the 3.13% recorded in Q1 2025.
During the quarter under review, agriculture grew by 2.82%, an improvement from the 2.60% recorded in the corresponding quarter of 2024. The industry grew 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.
In terms of the share of the GDP, the industry sector contributed more to the aggregate GDP in the second quarter of 2025 at 17.31% compared to the corresponding quarter of 2024 at 16.79%.
“In the quarter under review, aggregate GDP at basic price stood at N100,730,501.10 million in nominal terms. This performance is higher when compared to the second quarter of 2024, which recorded an aggregate GDP of N84,484,878.46 million, indicating a year-on-year nominal growth of 19.23%”, NBS disclosed.
In the review quarter, oil sector real growth was was 20.46 (year-on-year) in Q2 2025, indicating an increase of 10.38% points relative to the rate recorded in the corresponding quarter of 2024 (10.08%). Growth increased by 18.59% points when compared to Q1 2025, which was 1.87%.
On a quarter-on-quarter basis, oil sector recorded a growth rate of 6.01% in Q2 2025. The oil sector contributed 4.05% to the total real GDP in Q2 2025, up from the figure recorded in the corresponding period of 2024 at 3.51%. and up from the preceding quarter, where it contributed 3.97%.
The non-oil sector grew by 3.64% in real terms during the reference quarter (Q2 2025). This rate was higher by 0.38% points compared to the rate recorded in the same quarter of 2024, which was 3.26% and higher than the 3.19% recorded in the first quarter of 2025.
The non oil sector(second quarter of 2025 ) was driven 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.
In real terms, the non-oil sector contributed 95.95% to the nation’s GDP in the second quarter of 2025, lower than the share recorded in the second quarter of 2024, which was 96.49% and lower than the first quarter of 2025 recorded as 96.03%.
In terms of other sectoral contributions, agricultural sector in the second quarter of 2025 grew by 2.82% (year-on-year) in real terms, an increase of 0.22% points from the corresponding period of 2024, and an increase of 2.75% points from the preceding quarter which recorded a growth rate of 0.07%. It grew on a quarter-on-quarter basis at 16.40%.
However, the sector contributed 26.17% to aggregate GDP in real terms in Q2 2025, lower than the contribution in the second quarter of 2024 and higher than the first quarter of 2025 which stood at 26.53% and 23.33% respectively.
For the manufacturing sector , its real contribution to GDP in the 2025 second quarter was 7.81%, lower than the 8.01%recorded in the second quarter of 2024 and lower than the 9.62% recorded in the first quarter of 2025.
