Nigeria’s economy has shown a notable increase in its nominal Gross Domestic Product (GDP), reaching N100.73 trillion in the second quarter of 2025. This represents a rise from N94.05 trillion in the preceding quarter, indicating a positive trend in the country’s economic activity. The nominal GDP measures the final value of goods and services produced within the economy at current market prices, without adjustments for inflation or deflation.

According to the latest GDP report released by the National Statistics office, the real GDP for the same period stood at N51.20 trillion. This report highlights the sectors driving the country’s economic growth, with non-oil sectors contributing 95.95% to the GDP growth, while the oil sector accounted for 4.05%. Further analysis reveals that the service sector played a significant role, contributing 56.53%, followed by the agriculture sector at 26.17%, and the industries sector at 17.31%. These sectors collectively propelled Nigeria’s economy to achieve a 4.23% growth rate during the period under review.

The recent rebasing of Nigeria’s GDP in July 2025, which reflected the country’s economic realities, resulted in a GDP of N372.8 trillion in 2024. This rebasing exercise aimed to provide a more accurate representation of the country’s economy. The current economic growth can be seen as a continuation of the trends observed after the rebasing, with the non-oil sectors emerging as the primary drivers of growth.

The significance of this economic growth lies in its potential to positively impact the lives of Nigeria’s populous nation. As the country continues to navigate its economic landscape, the growth in non-oil sectors, particularly in services and agriculture, can contribute to sustainable development and reduced dependence on oil revenues. The National Statistics office’s report provides invaluable insights into the country’s economic performance, guiding policymakers and stakeholders in making informed decisions to foster continued growth and development.