•as GDP grows by 6%
By Seun Ibiyemi
Nigeria’s Gross Domestic Product (GDP) grew by a significant 4.23% in real terms year-on-year during the second quarter of 2025, according to the latest figures released by the National Bureau of Statistics (NBS).
This marks a stronger economic performance than the 3.48% recorded in the corresponding period of 2024, signaling a sustained recovery for the nation.
The total GDP at basic prices stood at ₦100.73 trillion in nominal terms, representing a robust 19.23% increase from ₦84.48 trillion in Q2 2024.
The report highlights that the economic expansion was largely driven by a strong rebound in the oil sector. Average daily crude oil production rose to 1.68 million barrels per day (mbpd), which is a notable increase from the 1.41 mbpd recorded in Q2 2024.
This boost in production translated into a real GDP growth of 20.46% for the sector, a significant leap from the 10.08% growth seen a year earlier.
The oil sector’s contribution to total GDP also increased, moving from 3.51% to 4.05%. The broader mining and quarrying sector, which includes crude petroleum and natural gas, also expanded strongly by 20.86% in real terms.
Despite the oil rebound, the non-oil sector remained the dominant force in the economy, contributing 95.95% to the total GDP. The sector grew by 3.64% in real terms, a slight improvement from the 3.26% recorded in Q2 2024.
This growth was propelled by key subsectors including agriculture, telecommunications, real estate, and financial institutions. The agriculture sector saw real growth of 2.82%, while the services sector as a whole grew by 3.94%. Within the services sector, finance and insurance expanded by a remarkable 16.13%, and transportation and storage posted one of the fastest expansions at 22.09%.
However, manufacturing growth slowed to 1.60%, and its contribution to GDP dipped slightly.
Speaking on these developments, Dr. Ayo Teriba, the CEO of Economic Associates, noted that the data suggests Nigeria has successfully put the economic crisis of 2023 and 2024 behind it.
He explained that the economy is showing broad-based growth and that the exchange rate has remained stable at around ₦1,500, even during market shocks.
Teriba added that while inflationary pressures continue to be a challenge, the consistent exchange rate and renewed growth momentum indicate that Nigeria is on a much firmer path to recovery.