September 22, 2025/CSL Research

• The National Bureau of Statistics (NBS) has released the Q2 2025 Gross Domestic Product (GDP) report, showing that the Nigerian economy expanded by 4.2% year-on-year (y/y), up from 3.1% y/y in the previous quarter.
• On a sectoral basis, the oil sector posted a strong performance, surging by 20.5% y/y in Q2 compared to 1.9% y/y in Q1, while the non-oil sector grew by 3.6% y/y, slightly higher than the 3.2% y/y recorded in Q1.
• Within the non-oil sector, agriculture showed a notable turnaround, expanding by 2.8% y/y versus a marginal 0.1% y/y in Q1. The industrial sector also strengthened significantly, with growth rising from 3.4% y/y in Q1 to 7.4% y/y in Q2.
• In contrast, the services sector experienced a mild slowdown, moderating to 3.9% y/y in Q2 from 4.3% y/y in the preceding quarter.