Nigeria’s Economy Accelerates: GDP Growth Hits 4.23% in Q2 2025, Driven by Oil and Industry Boom
Nigeria’s economy continued its upward trajectory in the second quarter of 2025, as new data from the National Bureau of Statistics (NBS) revealed a 4.23% year-on-year GDP growth. The figure marks a clear improvement from the 3.48% recorded in the same quarter of 2024, underscoring resilience and renewed momentum across key sectors.
Oil & Industry Spark Economic Revival
The oil sector delivered a dramatic comeback, expanding by 20.46% compared to 10.08% in Q2 2024. Average daily crude oil production climbed to 1.68 million barrels per day, up from 1.41 million barrels a year earlier, giving the sector a stronger 4.05% contribution to total GDP.
Meanwhile, the industry sector surged by 7.45%, more than doubling its growth from last year. This boosted its overall share of the economy to 17.31%, highlighting the sector’s rising influence.
Agriculture & Services Maintain Steady Growth
Agriculture posted a 2.82% growth rate, slightly higher than the 2.60% in Q2 2024, reflecting stable food production amid reforms. The services sector also ticked upward to 3.94%, driven by telecoms, trade, real estate, and financial services.
Mining & Quarrying Fuel Expansion
Mining and quarrying activities recorded a real growth of 20.86%, led by a massive 50.41% jump in quarrying and a 32.59% surge in coal mining. This subsector contributed 4.23% to GDP, compared to 3.64% in 2024.
Non-Oil Sector Holds Strong
The non-oil economy advanced by 3.64%, higher than the 3.26% recorded in 2024, powered by ICT, agriculture, construction, finance, and energy supply. However, its share of GDP slightly dipped to 95.95%, reflecting the renewed strength of oil production.
Big Picture: Stronger Momentum Ahead
Nominal GDP stood at ₦100.73 trillion in Q2 2025, up from ₦84.48 trillion a year earlier — representing 19.23% nominal growth. Analysts suggest the latest performance confirms Nigeria’s path toward sustained economic recovery, with oil and industrial output giving the economy a sharper edge.
✅ Key Takeaway: Nigeria’s Q2 2025 economic performance signals stronger balance between oil revival and non-oil growth, with industry and mining emerging as game-changers.
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