Nigeria’s Gross Domestic Product (GDP) expanded by 4.23 percent year-on-year in the second quarter of 2025, according to the latest figures released by the National Bureau of Statistics (NBS) on Monday.
The new report, published on the NBS official website, shows a remarkable improvement compared to the 3.48 percent growth recorded in the second quarter of 2024 and the 3.13 percent recorded in the first quarter of 2025, signaling renewed economic momentum.
The agency explained that the fresh estimates followed the rebasing of the GDP using 2019 as the base year, which adjusted earlier records to align with current realities. According to NBS, “Following the rebasing of the Gross Domestic Product using 2019 as the base year, previous quarterly GDP estimates were benchmarked to the rebased annual estimates to align the old series with the new rebased estimates. This procedure provided a new quarterly GDP series, which is compared to the 2025 second quarter estimates. Gross Domestic Product grew by 4.23% (year-on-year) in real terms in the second quarter of 2025.”
A sectoral breakdown revealed steady progress. Agriculture improved with 2.82 percent growth compared to 2.60 percent in Q2 2024. The Industry sector surged by 7.45 percent, nearly doubling the 3.72 percent recorded in the same period last year. Meanwhile, the Services sector recorded 3.94 percent growth, slightly above 3.83 percent in Q2 2024.
In terms of contributions to GDP, industry played a leading role at 17.31 percent, up from 16.79 percent in Q2 2024. The report added, “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%.”
Economic observers note that the Q2 results are largely driven by rebased data, increased oil production, and resilience in the non-oil sector, reflecting a path toward greater economic stability.
okay.ng reports that analysts are optimistic this growth could boost investor confidence and create stronger fiscal projections for the rest of 2025.
