MON SEPT 22 2025-theGBJournal| Nigeria’s economy expanded further in Q2-25, with real GDP growing by 4.23% y/y (Q1-25: +3.13% y/y), according to latest National Bureau of Statistics (NBS) data.
The growth outturn is 33bps higher than Cordros’ estimate (+3.90% y/y) .
Based on the GDP breakdown provided, the oil sector grew by 20.46% y/y in Q2-25 (Q1-25: +1.87% y/y).
According to NBS, crude oil production averaged 1.68mb/d in Q2-25, 19.1% y/y higher than in Q2-24 (1.41mb/d). As a result, the oil sector contributed 4.05% to the total GDP (Q1-25: 3.97%) during the review period.
At the same time, the non-oil sector expanded by 3.64% y/y in Q2-25 (Q1-25: +3.19% y/y). Thus, the non-oil sector contributed 95.95% to the total GDP (vs 96.03% in Q1-25).
From a sectoral perspective, Agriculture GDP grew by 2.82% y/y (Q1-25: +0.07% y/y), Services GDP expanded slowly by 3.94% y/y (Q1-25: +4.33% y/y), while Industries GDP grew by 7.45% y/y (Q1-25: +3.42% y/y).
In terms of contribution, Services, Agriculture, and Industries, respectively, accounted for 56.53%, 26.17%, and 17.31% of the overall GDP.
Economists expect economic activity to remain on an expansionary trajectory, as moderating inflation, continued exchange rate stability and reduced regulatory constraints bolster business sentiment and investment.
X-@theGBJournal|Facebook-the Government and Business Journal|email:gbj@govbusinessjournal.com|govandbusinessj@gmail.com
