Nigeria’s economy recorded a notable increase in nominal Gross Domestic Product (GDP), reaching N100.73 trillion in the second quarter of 2025, up from N94.05 trillion in the preceding quarter. Nominal GDP reflects the final value of goods and services produced at current market prices, without adjustments for inflation or deflation. According to the latest report from the National Statistics Office, real GDP for the same period stood at N51.20 trillion.
The report highlights the sectors driving this growth. Non‑oil sectors contributed 95.95 % of GDP growth, while the oil sector accounted for only 4.05 %. Within the non‑oil economy, the service sector was the largest contributor at 56.53 %, followed by agriculture at 26.17 % and industry at 17.31 %. Together, these sectors propelled Nigeria’s economy to a 4.23 % growth rate during the period under review.
In July 2025, Nigeria rebased its GDP to better reflect economic realities, resulting in a 2024 GDP estimate of N372.8 trillion. This rebasing aimed to provide a more accurate representation of the country’s economy. The current growth trend continues the post‑rebasing trajectory, with non‑oil sectors—particularly services and agriculture—emerging as the primary drivers.
The significance of this growth lies in its potential to improve the lives of Nigeria’s large population. Continued expansion of non‑oil sectors can support sustainable development and reduce dependence on oil revenues. The National Statistics Office’s report offers valuable insights for policymakers and stakeholders, helping them make informed decisions to sustain and enhance Nigeria’s economic development.
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