Nigeria’s economy has shown a significant increase in growth, with the Gross Domestic Product (GDP) rising by 4.23% on a year-on-year basis in the second quarter of 2025. According to a report released by the National Bureau of Statistics (NBS) on Monday, this growth rate surpasses the 3.48% recorded in the same period of 2024 and the 3.13% posted in the first quarter of 2025.
The NBS report highlights the steady improvement in the country’s economic performance, with the latest growth rate indicating a positive trend. The GDP growth rate is a key indicator of a country’s economic health, and Nigeria’s increase suggests a rebound in economic activities. The growth rate for the second quarter of 2025 is the highest in recent quarters, signaling a potential turnaround in the country’s economic fortunes.
In comparison to the previous year, the GDP growth rate has increased by 0.75 percentage points, from 3.48% in the second quarter of 2024 to 4.23% in the same period of 2025. This increase is a positive sign for the Nigerian economy, which has faced challenges in recent years, including slower growth rates and economic instability. The latest growth rate suggests that the country’s economic policies and reforms may be yielding positive results.
The NBS report provides a comprehensive overview of the country’s economic performance, including key sectors such as agriculture, manufacturing, and services. The report also highlights the challenges facing the economy, including inflation, unemployment, and infrastructure deficits. As the Nigerian government continues to implement economic reforms and policies aimed at diversifying the economy and promoting growth, the latest GDP growth rate suggests that the country is on the right track.
The growth in GDP is expected to have a positive impact on the country’s economic development, including increased employment opportunities, improved living standards, and enhanced economic stability. As the Nigerian economy continues to evolve, it is essential to monitor the GDP growth rate and other economic indicators to assess the effectiveness of economic policies and reforms. With the latest growth rate indicating a positive trend, Nigeria’s economy may be poised for sustained growth and development in the coming quarters.
