Nigeria’s oil sector has recorded a significant growth of 20.46 percent in the second quarter of 2025, outpacing the non-oil sector, according to the National Bureau of Statistics. The latest Gross Domestic Product report reveals a 10.38 percentage point increase compared to the same quarter in 2024, which saw a 10.08 percent growth.
This substantial difference can be attributed to the rebasing of the GDP by the National Bureau of Statistics in July, which updated the base year to 2019. The rebasing process involves updating the methodology used to calculate the country’s economic output, often by selecting a more recent base year for comparison. This change significantly alters year-on-year assessments, providing a more accurate picture of the economy.
The oil sector’s growth increased by 18.59 percentage points from the 1.87 percent recorded in the first quarter of 2025. Additionally, the second quarter’s growth rate surpasses the 5.66 percent and 2.08 percent growth rates recorded in the third and fourth quarters of last year, respectively. On a quarter-on-quarter basis, the oil sector recorded a growth rate of 6.01 percent in the second quarter of 2025.
The oil sector contributed 4.05 percent to the total real GDP in the second quarter of 2025, up from 3.51 percent in the corresponding period of 2024 and 3.97 percent in the preceding quarter. This increase in contribution highlights the sector’s growing importance to the country’s economy. The National Bureau of Statistics’ report provides valuable insights into Nigeria’s economic performance, underscoring the need for continued monitoring and analysis of the country’s economic trends. As the economy continues to evolve, these statistics will play a crucial role in informing policy decisions and investments.
