• Nigeria’s economy grew 4.23% year-on-year in Q2 2025, up from 3.19% in Q1.

• Oil sector expanded 20.42% with output rising to 1.68 million barrels per day.

• GDP rebasing lifted economy size to $243 billion but kept Nigeria 4th in Africa.

Nigeria’s real GDP grew by 4.23% in the second quarter of 2025 compared with 3.19% in the first quarter, the National Bureau of Statistics (NBS) said on September 22.

The figure is also higher than the 3.48% recorded in the second quarter of 2024. https://web.facebook.com/NBSNigeria/posts/1106130715041883?ref=embed_post

Between April 1 and June 30, industry grew by 7.45% against 3.72% a year earlier. Agriculture and services posted modest gains compared with the same quarter of 2024, with growth rates of 2.82% and 3.94% respectively.

The non-oil sector grew 3.64% in Q2 2025 compared with 3.26% in Q2 2024. It accounted for 95.95% of GDP in Q2 2025, slightly below 96.49% in Q2 2024 and 96.03% in Q1 2025.

The oil sector expanded sharply by 20.42% in Q2 2025 compared with 10.08% a year earlier. Crude oil production averaged 1.68 million barrels per day between April and June 2025, up from 1.41 million barrels in the same period of 2024.

The release of these figures follows the GDP rebasing carried out earlier this year to reflect 2019 production models and include new industries. The revision raised the size of the Nigerian economy from $187 billion in 2024, according to IMF data, to $243 billion as reported by the NBS in July 2025.

The updated data show that oil’s share of GDP has fallen, while other sectors such as real estate, digital services, and pension fund management have gained more weight.

Nigeria had not rebased its GDP since 2014, when the process made it the largest economy in Africa. The latest rebasing did not change its ranking, with the country remaining the fourth biggest economy on the continent, behind South Africa, Egypt, and Algeria.