The report released on its website says the figure shows a significant improvement compared to 3.48 per cent recorded in the second quarter of 2024 and the 3.13 per cent recorded in Q1 2025.

According to newsmen, the figures signal a strengthening economy, driven by recent rebasing, rebound in oil production and a resilient non-oil sector.

The report said, “Following the rebasing of the Gross Domestic Product using 2019 as the base year, previous quarterly GDP estimates were benchmarked to the rebased annual estimates to align the old series with the new rebased estimates

“This procedure provided a new quarterly GDP series, which is compared to the 2025 second quarter estimates. Gross Domestic Product grew by 4.23% (year-on-year) in real terms in the second quarter of 2025.

“This growth rate is higher than the 3.48 per cent recorded in the second quarter of 2024. During the quarter under review, agriculture grew by 2.82%, an improvement from the 2.60% recorded in the corresponding quarter of 2024.

According to NBS, “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.”

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The report said in terms of share of the GDP, “the Industry sector contributed more to the aggregate GDP in the second quarter of 2025 at 17.31% compared to the corresponding quarter of 2024 at 16.79%.”

It added, “In the quarter under review, aggregate GDP at basic price stood at N100,730,501.10 million 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%.”

Source: Punch

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In its Q2 2024 GDP Report, the Bureau said Nigeria’s GDP rose year-on-year in real terms in the second quarter of 2024.

The NBS stated that the  growth rate is higher than the 2.51% recorded in the second quarter of 2023 and higher than the first quarter of 2024 growth of 2.98%.

The NBS said the performance of the GDP in the second quarter of 2024 was driven mainly by the services sector, which recorded a growth of 3.79% and contributed 58.76% to the aggregate GDP.

In terms of share of the GDP, the industry and services sectors contributed more to the aggregate GDP in the second quarter of 2024 compared to the corresponding quarter of 2023.

The Bureau stated that in the quarter under review, aggregate GDP at basic price stood at N60,930,000.58 million in nominal terms.   This performance is higher when compared to the second quarter of 2023 which recorded aggregate GDP of N52,103,927.13 million, indicating a year-on-year nominal growth of 16.94%.

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