Nigeria’s oil sector 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 (NBS). The latest Gross Domestic Product (GDP) report shows a 10.38‑percentage‑point increase compared with the same quarter in 2024, which had a 10.08 percent growth rate. This substantial difference stems from the NBS’s rebasing of GDP in July, which updated the base year to 2019. Rebasing revises the methodology used to calculate economic output, often by selecting a more recent base year, thereby providing a more accurate year‑on‑year assessment of the economy.
The oil sector’s growth surged by 18.59 percentage points from the 1.87 percent recorded in the first quarter of 2025. Moreover, the second‑quarter growth rate exceeds the 5.66 percent and 2.08 percent rates recorded in the third and fourth quarters of the previous year, respectively. On a quarter‑on‑quarter basis, the oil sector posted a 6.01 percent increase in the second quarter of 2025.
In terms of contribution to total real GDP, the oil sector accounted for 4.05 percent in the second quarter of 2025, up from 3.51 percent in the same period of 2024 and 3.97 percent in the preceding quarter. This rise underscores the sector’s growing importance to Nigeria’s economy.
The NBS report offers valuable insights into Nigeria’s economic performance and highlights the need for continued monitoring and analysis of economic trends. As the economy evolves, these statistics will be crucial for informing policy decisions and investment strategies.
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