Nigeria’s GDP growth rate reached 4.23 per cent in the second quarter of 2025, showing resilience and recovery in the economy.
The growth is attributed to various sectors, including agriculture, industry, and services.
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 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.
The 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.
The non-oil sector also recorded steady progress, growing by 3.64% in real terms in the second quarter of 2025.
This represented 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.
