September 24, 2025/Coronation Report

Summary 

The National Bureau of Statistics (NBS) has published Nigeria’s Gross Domestic Product (GDP) report for Q2 ‘25. Real GDP expanded by 4.23% year on year (y/y) in Q2 2025, up from 3.13% y/y in Q1 25. On a quarter-on-quarter (q/q) basis, real GDP increased by 3.72%, driven by a strong rebound in the oil sector alongside moderate growth in key non-oil segments.

The  oil sector recorded robust growth of 20.46% y/y in Q2 ‘25, a sharp increase from 1.87% y/y in Q1 ‘25. Its contribution to GDP rose to 4.05% in Q2 from 3.97% in Q1, reflecting higher crude production output and improved operational efficiency. In contrast, the non-oil economy grew by 3.64% y/y in Q2 ‘25 compared with 3.19% y/y in Q1 ‘25. Non-oil sectors accounted for 95.95% of total GDP in Q2 ‘25, slightly below the 96.03% recorded in Q1 ‘25, underscoring a gradual but ongoing recovery of oil-related activities in the economy.

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