Nigeria’s economy recorded a year-on-year growth of 4.23 per cent in the second quarter of 2025, marking its strongest expansion in recent years, according to the latest Gross Domestic Product (GDP) report released on Monday by the National Bureau of Statistics (NBS).
The growth figure reflects a notable improvement when compared with 3.48 per cent recorded in Q2 2024 and the 3.13 per cent posted in Q1 2025.
The NBS attributed the positive trajectory to the recent rebasing of GDP using 2019 as the base year, improved crude oil output, and a resilient non-oil sector.
“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,” the report explained.
The report showed that the agriculture sector grew by 2.82 per cent, up from 2.60 per cent in the same quarter of 2024.
The industry sector expanded by 7.45 per cent, more than double the 3.72 per cent recorded in Q2 2024, while the services sector rose by 3.94 per cent, up slightly from 3.83 per cent.
In terms of contribution to overall output, the industry sector accounted for 17.31 per cent of GDP, higher than 16.79 per cent in Q2 2024.
Aggregate GDP at basic prices stood at N100.73 trillion in nominal terms, compared to N84.48 trillion in Q2 2024, representing a year-on-year nominal growth of 19.23 per cent.
Economic analysts say the figures point to a gradual rebound, though concerns persist over inflationary pressures, rising unemployment, and high debt service obligations which could undermine the sustainability of the growth.
The report, however, signals renewed optimism that the economy may be gaining stronger momentum if reforms and stability in oil production are sustained.
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