Nigeria Records 4.23% GDP Growth In Q2 2025 – NBS

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…Oil sector drives Nigeria’s GDP growth to 4-year high
…Transport sector grew by 13.7% in Q2 2025
…. dropped below Q1 figure

Nigeria’s Gross Domestic Product (GDP) grew by 4.23 per cent on a year-on-year basis in the second quarter of 2025, according to data released by the National Bureau of Statistics (NBS).

The latest figure shows an improvement from the 3.48 per cent growth recorded in the same quarter of 2024, indicating continued recovery and resilience in the economy.

According to the report, the agriculture sector grew by 2.82 per cent in real terms during the period under review, an increase from the 2.60 per cent recorded in the second quarter of 2024.

The industry sector also showed strong performance, growing by 7.45 per cent, compared to 3.72 per cent in the corresponding period of the previous year. Meanwhile, the services sector recorded a real growth of 3.94 per cent, slightly up from the 3.83 per cent posted in the second quarter of 2024.

The share of the industry sector in the country’s GDP increased to 17.31 per cent in Q2 2025, higher than the 16.79 per cent recorded in the same quarter of 2024.

In nominal terms, aggregate GDP stood at N100.73 trillion in the second quarter of 2025, up from N84.48 trillion in the same period of the previous year, representing a nominal year-on-year growth of 19.23 per cent.

Oil Sector Performance

The oil sector played a key role in driving growth during the quarter.

Average daily crude oil production rose to 1.68 million barrels per day, which is 0.27 million barrels higher than the 1.41 million barrels per day recorded in Q2 2024.

It also marked an increase from the 1.62 million barrels per day reported in the first quarter of 2025.

This increase in production translated to a real GDP growth of 20.46 per cent in the oil sector, up significantly from 10.08 per cent recorded in the same quarter of 2024, and a substantial jump from the 1.87 per cent posted in Q1 2025. The sector contributed 4.05 per cent to total GDP in the second quarter of 2025, compared to 3.51 per cent in Q2 of the previous year.

Mining

Further boosting the overall growth was the performance of the mining and quarrying subsector, which includes crude petroleum and natural gas, coal mining, metal ores, and quarrying of other minerals.

The subsector grew by 20.86 per cent in real terms, supported by a 50.41 per cent increase in quarrying and other minerals, and a 32.59 per cent rise in coal mining.

The sector’s overall contribution to GDP rose to 4.23 per cent in Q2 2025, up from 3.64 per cent in the same quarter of 2024.

Non-Oil Sector Performance

The non-oil sector also recorded steady progress, growing by 3.64 per cent in real terms in the second quarter of 2025.

This represents an increase from the 3.26 per cent posted in the corresponding period of 2024, and also higher than the 3.19 per cent growth posted in the first quarter of the year. Growth in the non-oil sector was largely driven by positive activity in agriculture (crop production); information and communication (telecommunications); real estate; financial and insurance (financial institutions); trade; construction; and electricity, gas, steam and air conditioning supply.

Despite the growth, the non-oil sector’s share of real GDP declined slightly, contributing 95.95 per cent in Q2 2025, down from 96.49 per cent in the same period of 2024 and lower than the 96.03 per cent reported in the first quarter of 2025.

The NBS stated that the overall economic performance reflected stronger activity across key sectors, with notable gains in oil production and industrial output supporting the country’s growth trajectory.

Transport sector grew by 13.7% in Q2 2025 — but dropped below Q1 figure

The National Bureau of Statistics (NBS) says the transportation and storage sector grew by 13.67 percent in nominal terms in the second quarter (Q2) of 2025.

The bureau, in its Q2 2025 gross domestic product (GDP) report on Monday, said all six sub-activities — road transport; rail transport and pipelines; water transport; air transport; transport services; and post and courier services — recorded positive growth rates during the review period.

According to NBS, the growth rate was higher than the 8.47 percent recorded in the corresponding quarter of 2024 but lower than the 53.56 percent recorded in the first quarter (Q1) of 2025.

“This rate was higher relative to the figure of 8.47% recorded in the corresponding quarter of 2024 and lower than 53.56% in the previous quarter,” the statistics firm said.

“Quarter-on-quarter growth stood at -50.47%. Transport activities contributed 0.70% to Nominal GDP in Q2 2025, a decrease from the 0.73% recorded in the corresponding period of 2024, and lower than the 1.51% recorded in the first quarter of 2025.”

In real terms, NBS said the sector expanded by 22.09 percent, representing 30.18 percentage points higher than the rate in Q2 2024 and 8.01 points higher than Q1 2025.

“Quarter-on-quarter, growth was -31.83%. The contribution of the sector to real GDP in Q2 of 2025 was 0.65%, higher than the 0.56% recorded in the preceding year and lower than 0.99% recorded in the first quarter of 2025,” the report added.

Tags: NBS