By Tony Obiechina Abuja
The National Bureau of Statistics on Monday released the gross domestic product (GDP) growth rate for the Nigerian economy, with the nation experiencing an increase of 4.23 per cent in GDP.
This follows the rebasing of the Gross Domestic Product using 2019 as the base year for the previous quarter.
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.
The NBS said in the report that Gross Domestic Product (GDP) grew by 4.23 per cent (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 per cent, an improvement from the 2.60 per cent recorded in the corresponding quarter of 2024.
The growth of the industry sector stood at 7.45 per cent from 3.72 per cent recorded in the second quarter of 2024, while the services sector recorded a growth of 3.94 per cent from 3.83 per cent in the same quarter of 2024.
In terms of the share of the GDP, the industry sector contributed more to the aggregate GDP in the second quarter of 2025 at 17.31 per cent compared to the corresponding quarter of 2024 at 16.79.
In the quarter under review, aggregate GDP at basic price stood at ₦100.73tn in nominal terms.
This performance is higher when compared to the second quarter of 2024, which recorded an aggregate GDP of N84.48tn, indicating a year-on-year nominal growth of 19.23 per cent.
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