Nigeria’s economy grew by 4.23% year-on-year in real terms in the second quarter of 2025, according to new data released by the National Bureau of Statistics (NBS).

The figure represents the country’s strongest quarterly growth rate in four years, accelerating from 3.48% in Q2 2024 and 3.13% in Q1 2025.

The NBS report highlighted a sharp rebound in crude oil output, which rose to 1.68 million barrels per day, compared to 1.41 million bpd in the same period last year. The oil sector expanded by 20.46% year-on-year, making it a key driver of the overall growth.

Growth outside the oil industry remained solid at 3.64%, powered by agriculture, industry, services, trade, and telecommunications. Within these, the industry sector led with a 7.45% expansion, while agriculture and services recorded 2.82% and 3.94% growth, respectively.

The latest figures follow a GDP rebasing exercise that updated Nigeria’s base year from 2010 to 2019, providing a more accurate reflection of current economic activity.

In nominal terms, Nigeria’s gross domestic product rose by 19.23% year-on-year, climbing from ₦84.48 trillion in Q2 2024 to ₦100.73 trillion in Q2 2025.