Second Quarter 2025 GDP  Grows By 4.23 Percent As Trade Drives Growth With 18.28 Percent

Source NBS

The nation’s Gross Domestic Product (GDP) for the second quarter, 2025 grew by 4.23%  (year-on-year), higher than  the growth rate of 3.48% recorded in the second quarter of 2024, with trade leading the growth by 18.28 percent.

The National Bureau of Statistics (NBS), disclosed in its report on Gross Domestic Product (GDP) for the second quarter released on Monday.

According to the report, “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%.

“In the quarter under review, aggregate GDP at basic price stood at N100,730,501.10 million in nominal terms. This performance 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%.”

In the case of real growth, 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%.

“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%”, the report disclosed.