Nigeria’s economic growth accelerates in Q2 by 4.23%
Reports coming from the National Bureau of Statistics(NBA) indicate that Nigeria’s economy picked up pace in the second quarter, growing 4.23% year on year from 3.13% in the first three months of the year, marking a stronger performance compared to previous quarters.
The latest data showed the second to reflect a rebasing of Nigeria’s gross domestic product aimed at capturing structural changes to the economy of Africa’s most populous country.
President Bola Tinubu last month announced a 7% annual economic growth target by 2027.
The data on the GDP growth represents a 1.1 percentage point increase quarter-on-quarter from the 3.13 percent posted in Q1’25, and a notch higher than the 3.48 percent recorded in Q2’24.
The new figures follow a rebasing of the national accounts using 2019 as the base year, aligning previous quarterly estimates with the rebased annual series.
The new data showed that
Industry recorded the strongest expansion, growing by 7.45 percent compared with 3.72 percent in Q2’24.
Agriculture grew by 2.82 percent, up from 2.60 percent in Q2’24, while
Services grew by 3.94 percent, slightly higher than 3.83 percent in the same quarter of 2024.
In terms of contribution to GDP, the Industry sector accounted for 17.31 percent in Q2’25, compared with 16.79 percent in Q2’24.
According to the report the oil sector contributed 4.05 percent to GDP during the quarter, while the non-oil sector maintained dominance with 95.95 percent.
