Driven by improved crude oil production, Nigeria's Gross Domestic Product (GDP) grew by 4.23 per cent, a report by the National Bureau of Statistics (NBS) has disclosed.
The report added that the average daily production of crude oil rose to 1.68 million per barrel, a four year quarter high since 2022.
This means that Nigeria was able to meet its quota set by the Organisation of Petroleum Exporting Countries (OPEC) for the quarter.
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The report went on to state the economy grew by the figure following the rebasing of the Gross Domestic Product using 2019 as the base year as previous quarterly GDP estimates were benchmarked to the rebased annual estimates to align the old series with the new rebased estimates.
It said the procedure provided a new quarterly GDP series, which is compared to the 2025 second quarter estimates.
"Gross Domestic Product (GDP) grew by 4.23% (year-on-year) in real terms in the second quarter of 2025," the report said.
It said the growth is higher than the 3.48% recorded in the second quarter of 2024.
"During the quarter under review, agriculture grew by 2.82%, an improvement from the 2.60% recorded in the corresponding quarter of 2024.
The growth of the industry sector stood at 7.45% from 3.72% recorded in the second quarter of 2024, while the Services sector recorded a growth of 3.94% from 3.83% in the same quarter of 2024.
In terms of share of the GDP, the Industry sector contributed more to the aggregate GDP in the second quarter of 2025 at 17.31% compared to the corresponding quarter of 2024 at 16.79%.
It added that aggregate GDP at basic price stood at N100.730tr in nominal terms.
"This performance is higher when compared to the second quarter of 2024, which recorded an aggregate GDP of N84.84tr, indicating a year-on-year nominal growth of 19.23 percent.
Oil sector contribution
"The nation in the second quarter of 2025 recorded an average daily oil production of 1.68 million barrels per day (mbpd), higher than the daily average production of 1.41 mbpd recorded in the same quarter of 2024 by 0.27 mbpd and higher than the first quarter of 2025 production volume of 1.62 mbpd by 0.06mbp.
"The real growth of the oil sector was 20.46 (year-on-year) in Q2 2025, indicating an increase of 10.38% points relative to the rate recorded in the corresponding quarter of 2024 (10.08%).
Growth increased by 18.59% points when compared to Q1 2025, which was 1.87%. On a quarter-on-quarter basis, the oil sector recorded a growth rate of 6.01% in Q2 2025.
The Oil sector contributed 4.05% to the total real GDP in Q2 2025, up from the figure recorded in the corresponding period of 2024 at 3.51% and up from the preceding quarter, where it contributed 3.97%."
Non-oil sector
It said the non-oil sector grew by 3.64% in real terms during the reference quarter (Q2 2025).
"This rate was higher by 0.38% points compared to the rate recorded in the same quarter of 2024, which was 3.26% and higher than the 3.19% recorded in the first quarter of 2025.
This sector was driven in the second quarter of 2025 mainly by Agriculture (Crop production); Information and Communication (Telecommunications); Real Estate; Financial and Insurance (Financial Institutions); Trade; Construction; and Electricity, Gas, Steam & Air Conditioning Supply, accounting for positive GDP growth.
"In real terms, the non-oil sector contributed 95.95% to the nation's GDP in the second quarter of 2025, lower than the share recorded in the second quarter of 2024, which was 96.49% and lower than the first quarter of 2025 recorded as 96.03%," the report added.
How agriculture, other sectors fared
For the agriculture sector, the report noted that crop production remained the major driver of the sector, making 57.06% of the overall nominal value of the sector in the second quarter of 2025.
"Quarter-on-quarter growth stood at 16.13% in the second quarter of 2025. Agriculture contributed 21.04% to nominal GDP in the second quarter of 2025. This figure was lower than the rate recorded in the second quarter of 2024 and higher than the first quarter of 2025, which recorded 24.63% and19.40% respectively.
It went on to state that agricultural sector in the second quarter of 2025 grew by 2.82% (year-on-year) in real terms, an increase of 0.22% points from the corresponding period of 2024, and an increase of 2.75% points from the preceding quarter which recorded a growth rate of 0.07%.
However, the sector contributed 26.17% to aggregate GDP in real terms in Q2 2025, lower than the contribution in the second quarter of 2024 and higher than the first quarter of 2025 which stood at 26.53% and 23.33% respectively.
On the other hand, manufacturing sector comprising, thirteen activities: Oil Refining; Cement; Food, Beverages and Tobacco; Textile, Apparel, and Footwear; Wood and Wood products; Pulp Paper and Paper products; Chemical and Pharmaceutical products; Non-metallic Products, Plastic and Rubber products; Electrical and Electronic; Basic Metal and Iron and Steel; Motor Vehicles and Assembly; and Other Manufacturing, saw a nominal GDP growth of 4.51% (year-on-year), 3.14% points lower than the figure recorded in the corresponding period of 2024 (7.65%) and 37.89% points lower than the preceding quarter figure of 42.40%.
It said the quarter-on-quarter growth of the sector was recorded at -31.72% during the quarter.
"The contribution of Manufacturing to Nominal GDP in the second quarter of 2025 was 6.87%, lower than the figure recorded in the corresponding period of 2024 at 7.84% and lower than the first quarter of 2025 at 10.78%.
For the construction sector, it grew by 9.58% in nominal terms (year-on-year) in the 2025 second quarter, a decrease of 9.45% points compared to the rate of 19.03% recorded in the same quarter of 2024.
Also, there was a decrease of 13.89% points when compared to the rate recorded in the preceding quarter. Nominal growth quarter-on-quarter was recorded at -20.56%.
Construction contributed 3.99% to nominal GDP in the second quarter of 2025, lower than the 4.34% it contributed a year earlier and lower than the 5.38% contributed to the first quarter of 2025.
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It added that the real growth rate of the construction sector in the second quarter of 2025 was recorded at 5.27% (year-on-year), higher by 1.07% points from the rate recorded in the previous year.
The Information and Communication sector that is composed of the four activities of Telecommunications and Information Services; Publishing; Motion Picture, Sound Recording and Music Production; and Broadcasting, recorded at 21.39% (year-on-year), 11.18% points increase from the rate of 10.21% recorded in the same quarter of 2024, and 10.25% points lower than the rate recorded in the preceding quarter.
The quarter-on-quarter growth rate recorded in the second quarter of 2025 was 4.05% as the Information and Communications sector contributed 10.00% to the total Nominal GDP in the second quarter of 2025, higher than the rate of 9.82% recorded in the same quarter of 2024 and lower than the 10.29% it contributed in the preceding quarter.
In nominal terms, Real Estate Services in the second quarter of 2025 grew by 6.14%, lower by 20.55% points than the growth rate reported for the same period in 2024 and lower compared to the preceding Quarter.
"On a quarter-on-quarter, the sector growth rate was -44.42%. The contribution to nominal GDP in Q2 2025 stood at 9.06%, relative to 10.18% recorded in the second quarter of 2024 and 17.46% in the first quarter of 2025.
It said Real GDP growth recorded in the sector for the second quarter of 2025 stood at 3.79%, lower than the growth recorded in the second quarter of 2024 by 3.55% points, and lower by 0.82% points relative to Q1 2025.
