Nigeria’s real Gross Domestic Product (GDP) grew by 4.23% year-on-year in the second quarter of 2025, according to the latest GDP Report released by the National Bureau of Statistics (NBS) on Monday.
The Q2 2025 growth marks a notable improvement compared to 3.48% recorded in Q2 2024, and a further uptick from the 3.13% growth posted in Q1 2025.
This positive momentum reflects a strengthening Nigerian economy, buoyed by recent GDP rebasing, a rebound in oil production, and sustained resilience in the non-oil sectors, according to analysts.
GDP Rebasing Drives More Accurate Estimates
In the report, the NBS explained that the new growth figures follow the rebasing of Nigeria’s GDP, now using 2019 as the base year. As part of this process, previous quarterly GDP estimates were benchmarked against the rebased annual estimates to align the older series with the new data framework.
“This procedure provided a new quarterly GDP series, which is compared to the Q2 2025 estimates,” the report noted.
Sectoral Performance Breakdown
Agriculture grew by 2.82% in Q2 2025, compared to 2.60% in the same period of 2024.
The Industry sector posted strong growth of 7.45%, more than double the 3.72% recorded in Q2 2024.
Services expanded by 3.94%, slightly up from 3.83% in Q2 2024.
According to the NBS, the Industry sector contributed 17.31% to the total GDP in Q2 2025, compared to 16.79% in the same quarter last year—highlighting its growing role in the economy.
Nominal GDP Sees Double-Digit Growth
In nominal terms, Nigeria’s aggregate GDP at basic prices stood at ₦100.73 trillion in Q2 2025, significantly higher than the ₦84.48 trillion recorded in Q2 2024. This represents a year-on-year nominal growth of 19.23%.
Outlook
The strong Q2 2025 GDP figures are expected to bolster investor confidence and support ongoing fiscal and monetary policy reforms. Economists suggest that if the trend continues, Nigeria could close the year with its highest annual GDP growth rate in over a decade.
