AfriPulse
Nigeria’s Gross Domestic Product (GDP) grew by 4.23 per cent in the second quarter of 2025, a 0.75 per cent point higher than the 3.48 per cent recorded in Q2 2024.
In the Q2 2025 GDP released yesterday by the National Bureau of Statistics (NBS), the non-oil sector maintained dominance in the economy, contributing 95.95 per cent to the GDP, while the oil sector contributed just 4.05 per cent.
The second quarter growth was driven by the industrial sector, which grew by 7.45 per cent, higher than the 3.72 per cent recorded in Q2 2024.
This growth in GDP reflects the positive impact of the reform measures of the present administration, which target lowering inflation and stabilising the foreign exchange market, as well as boosting tax revenue.
The latest GDP growth figure is higher than the 3.76 per cent to 3.89 per cent growth rate projected by the government for the 2025 fiscal year in its budget proposals.
It is also an increase from the growth rate projected by the International Monetary Fund (IMF), which, in its July update, upgraded the GDP growth projection for 2025 to 3.4 per cent, an increase from the previous three per cent forecast in April.
NBS, in the report, said during the quarter under review, agriculture grew by 2.82 per cent, an improvement from the 2.60 per cent recorded in the corresponding quarter of 2024, while the services sector recorded a growth of 3.94 per cent from 3.83 per cent.
The bureau also said the industry sector contributed more to the aggregate GDP in Q2 2025 at 17.31 per cent compared to the corresponding quarter of 2024 at 16.79 per cent.
In the quarter under review, aggregate GDP at basic price stood at N100,730,501.10 in nominal terms.
The report reads: “This performance is higher when compared to the second quarter of 2024, which recorded an aggregate GDP of N84,484,878.46, indicating a year-on-year nominal growth of 19.23 per cent.”
Also, the oil sector contributed 4.05 per cent to the total real GDP in Q2 2025, up from the 3.51 per cent recorded in the corresponding period of 2024, and up from the preceding quarter, where it contributed 3.97 per cent.
The country’s economy was driven in the second quarter mainly by agriculture (crop production), Information and Communication (telecommunications), real estate, financial and insurance (financial institutions), trade, construction and electricity, gas, steam and air-conditioning supply, accounting for positive GDP growth.
Source: Guardian Nigeria | Read the Full Story…
