Buoyed by non-oil contribution of 95.95 per cent, the country’s Gross Domestic Product (GDP) grew by 4.23 per cent, year-on-year, in real terms in the second quarter of the year (Q2 2025) compared to 3.13 per cent in Q1, and 3.48 per cent in Q2 2024, the National Bureau of Statistics (NBS) disclosed on Monday.
The non-oil sector’s contribution was, however, lower than the 96.03 per cent recorded in the preceding quarter as well as 96.49 per cent in Q2 2024.
According to the GDP Q2 report, which was released by the statistical agency on Monday, in nominal terms, aggregate GDP at basic price stood at N100.73 trillion, compared to N84.48 trillion in Q2 2024, indicating a year-on-year nominal growth of 19.23 per cent. Real GDP stood at N51.20 trillion.
NBS explained that following the rebasing of GDP 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.
Thus, the procedure provided a new quarterly GDP series, which was compared to the 2025 second quarter estimates.
The non-oil sector, which grew by 3.64 per cent in real terms in Q2, compared to 3.19 per cent in Q1, and 3.26 per cent in Q2 2024, was largely driven by contributions from agriculture, crop production; information and communication (telecommunications); real estate; financial institutions; trade; construction and electricity, gas, steam and air conditioning supply.
On the other hand, the oil sector contributed 4.05 per cent to real GDP, in the review period, up from 3.97 per cent in the preceding quarter, and 3.51 per cent in Q2 2024.
The real growth of the oil sector was 20.46 (year-on-year) in Q2, compared to 18.59 per cent in Q1, and 10.08 per cent in Q2 2025.
On a quarter-on-quarter basis, the oil sector recorded a growth rate of 6.01 per cent in Q2, NBS stated.
The country recorded an average daily oil production of 1.68 million barrels per day (mbpd) compared to 1.62 mbpd in the preceding quarter and 1.41 mbpd in Q2 2024.
However, agriculture contributed 26.17 per cent to aggregate GDP in real terms in Q2, higher than 23.33 per cent in the preceding quarter but lower compared to 26.53 per cent in the corresponding quarter of 2024.
The manufacturing sector contributed 7.81 per cent to real GDP in Q2, lower than 9.62 per cent in the preceding quarter, and 8.01 per cent in Q2 2024.
In addition, trade contributed 18.28 per cent to GDP in Q2, compared to 18.21 per cent in Q1 and 18.81 per cent in the corresponding period of last year.
The information and communication sector contributed 11.18 per cent to GDP, compared to 10.59 per cent in Q1 and 10.93 per cent in Q2 2024.
The finance and insurance sector contributed 3.23 per cent to the economy, compared to 3.60 per cent in the preceding quarter, but higher than 2.89 per cent in the second quarter of 2024.
Moreover, the construction sector contributed 3.60 per cent to GDP in Q2 compared to 4.74 per cent and 3.57 per cent in the same quarter of the previous year.
Real estate services contributed 12.80 per cent to GDP in Q2, lower than 13.30 per cent in the preceding quarter and 12.85 per cent in Q2 2024.
James Emejo
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