…As Industry Sector Catalyzes GDP Growth At 17.31%
Nigeria’s Gross Domestic Product (GDP) grew by 4.23% year-on-year (y-o-y) in real terms in the second quarter of 2025, higher than the 3.48% recorded in the second quarter of 2024, the National Bureau of Statistics (NBS) reported on Monday.
The Bureau, in its “Nigerian Gross Domestic Product Report Q2 2025” published report, stated that the GDP growth rate was based on the rebasing of the Gross Domestic Product using 2019 as the base year, and that previous quarterly GDP estimates were benchmarked to the rebased annual estimates to align the old series with the new rebased estimates.
It explained that the procedure provided a new quarterly GDP series, which is compared to the 2025 second quarter estimates.
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The statistics agency reported that during the quarter under review, agriculture grew by 2.82%, an improvement from the 2.60% recorded in the corresponding quarter of 2024 while the growth of the industry sector stood at 7.45% from 3.72% recorded in the corresponding quarter of last year, while the Services sector recorded a growth of 3.94% from 3.83% in the same quarter of 2024.
According to the report, 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 clarified that in the quarter under review, aggregate GDP at basic price stood at N100,730,501.10 million in nominal terms, which is higher when compared to the second quarter of 2024, which recorded an aggregate GDP of N84,484,878.46 million, indicating a year-on-year nominal growth of 19.23%.
While stating that for better clarity, the Nigerian economy has been classified broadly into the oil and non-oil sectors, the NBS disclosed that in the quarter under review, Nigeria’s average daily oil production stood at 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 0.06mbpd.
It disclosed that 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%).
The Bureau stated that the growth increased by 18.59% points when compared to Q1 2025, which was 1.87%, adding that on a quarter-on-quarter basis, the oil sector recorded a growth rate of 6.01% in Q2 2025.
Specifically, it reported that in the quarter under review, the Oil sector contributed 4.05% to the total real GDP, 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%.
On the performance of the non-oil sector in Q2 2025, the Bureau reported that the sector grew by 3.64% in real terms, representing 0.38% points higher when compared to the 3.26% growth rate recorded in the same quarter of 2024, which was and higher than the 3.19% recorded in the first quarter of 2025.
It attributed the growth of the sector in the quarter under review majorly to Agriculture (Crop production); Information and Communication (Telecommunications); Real Estate; Financial and Insurance (Financial Institutions); Trade; Construction; and Electricity, Gas, Steam & Air Conditioning Supply.
The statistics agency clarified that in real terms, the non-oil sector contributed 95.95% to the nation’s GDP in Q2 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%.
