•As non-oil sector contributes 95%
By Elizabeth Adegbesan
The National Bureau of Statistics, NBS, yesterday, said Nigeria recorded 4.23 percent Gross Domestic Product (GDP) growth in the second quarter of 2025 (Q2’25) from 3.13 per cent in first quarter,Q1’25.
This represents a 1.1 percentage point quarter-on-quarter (QoQ) increase. In the GDP report for Q2’25, NBS said: “Following the rebasing of the Gross Domestic Product using 2019 as the base year, previous quarterly GDP estimates were benchmarked to the rebased annual estimates to align the old series with the new rebased estimates.
“This procedure provided a new quarterly GDP series, which is compared to the Q2’25 estimates.
“GDP grew by 4.23 percent (year-on-year) in real terms in the second quarter of 2025.
“This growth rate is higher than the 3.48 percent recorded in the second quarter of 2024.
“During the quarter under review, agriculture grew by 2.82 percent, an improvement from the 2.6 percent recorded in the corresponding quarter of 2024.
“The growth of the industry sector stood at 7.45 percent from 3.72 percent recorded in the second quarter of 2024, while the Services sector recorded a growth of 3.94 percent from 3.83 percent 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 percent compared to the corresponding quarter of 2024 at 16.79 percent.”
The report further showed that the oil sector contributed 4.05 percent to the GDP in Q2’25 while the non-oil sector contribution stood at 95.95 percent.
“The real growth of the oil sector was 20.46 (year-on-year) in Q2’25, indicating an increase of 10.38 percentage points relative to the rate recorded in the corresponding quarter of 2024 (10.08 percent).
On the non-oil sector, NBS said: “The non-oil sector grew by 3.64 percent in real terms during the reference quarter (Q2 2025). “This rate was higher by 0.38 percent point compared to the rate recorded in the same quarter of 2024, which was 3.26 percent and higher than the 3.19 percent recorded in Q1’25.
“This sector was driven in the second quarter of 2025 mainly by Agriculture (Crop production); Information and Communication (Telecommunications); Real Estate; Financial and Insurance (Financial Institutions); Trade; Construction; and Electricity, Gas, Steam & Air Conditioning Supply, accounting for positive GDP growth.
“In real terms, the non-oil sector contributed 95.95 percent to the nation’s GDP in the second quarter of 2025, lower than the share recorded in the second quarter of 2024, which was 96.49 percent and lower than the first quarter of 2025 recorded as 96.03 percent.”
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