The National Bureau of Statistics (NBS) says Nigeria’s gross domestic product (GDP) grew by 4.23 percent in the second quarter (Q2) of 2025.
NBS released the GDP report for Q2 2025 on Monday.
The growth rate, the bureau said, is higher than the 3.48
percent recorded in the same quarter in 2024 and above the 3.13 percent
recorded in the first quarter (Q1) of 2025.
“During the quarter under review, agriculture grew by 2.82%,
an improvement from the 2.60% recorded in the corresponding quarter of 2024,”
NBS said.
“The growth of the industry sector stood at 7.45% from 3.72%
recorded in the second quarter of 2024, while the Services sector recorded a
growth of 3.94% from 3.83% in the same quarter of 2024.”
According to the bureau, in terms of share, GDP in Q2 was
driven mainly by the industry sector at 17.31 percent compared to the
corresponding quarter of 2024 at 16.79 percent.
The statistics body further said that in the quarter under
review, the aggregate GDP stood at N100.73 trillion in nominal terms.
“This performance is higher when compared to the second
quarter of 2024, which recorded an aggregate GDP of N84,484,878.46 million,
indicating a year-on-year nominal growth of 19.23%,” NBS added.
The bureau added that real GDP stood at N51.20 trillion.
‘OIL PRODUCTION GREW TO 1.6M BARRELS IN Q2 2025 –
CONTRIBUTED 4.05% to GDP’
In the report, NBS said the country recorded an average
daily oil production of 1.68 million barrels per day (mbpd) in the second
quarter of 2025.
The Q2 2025 output surpassed the first quarter production
volume of 1.62 mbpd.
“The real growth of the oil sector was 20.46 (year-on-year)
in Q2 2025, indicating an increase of 10.38% points relative to the rate
recorded in the corresponding quarter of 2024 (10.08%),” the bureau said.
“Growth increased by 18.59% points when compared to Q1 2025,
which was 1.87%. On a quarter-on-quarter basis, the oil sector recorded a
growth rate of 6.01% in Q2 2025.
“The Oil sector contributed 4.05% to the total real GDP in
Q2 2025, up from the figure recorded in the corresponding period of 2024 at
3.51%.”
During the preceding quarter, the oil sector contributed
3.97 percent.
‘NON-OIL SECTOR
CONTRIBUTED 95.95% TO GDP IN Q2 2025’
The bureau said the non-oil sector contribution grew by 3.64
percent in Q2 and contributed 95.95 percent to the economic growth.
The sector’s contribution to the country’s Q2 GDP figure is
lower than the 96.49 percent recorded in Q2 2024, as well as the previous
quarter, which was 96.03 percent.
NBS said the non-oil sector, was driven mainly by
agriculture (crop production); information and communication
(telecommunication); real estate; financial and insurance (financial
institutions); trade; construction; and electricity, gas, steam and air
conditioning supply, accounting for positive GDP growth.
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com