Nigeria’s economy grew by 4.23% year-on-year in the second quarter of 2025, the fastest growth since 2021, according to the national bureau of statistics.
The performance has been fueled by higher oil production and robust growth in industry and agriculture. Oil output averaged 1.68 million barrels per day (bpd) between April and June, up from 1.41 million bpd, in 2024, boosting the sector by 20.42%. The world renowned 650,000 bpd private oil refinery established by the Dangote Group is helping fuel the economic growth.
Industry grew 7.45% while agriculture and other services rose by 2.8% and 3.94% respectively. The non-oil sector expanded 3.64%, accounting for 95.95% of GDP, slightly below last year’s 96.49%.
These economic indicators may show some theoretical growth, but majority of the over 200 million population still grapple with poverty, poor education, and lack of adequate healthcare. A major focus on strategic infrastructure like roads, portable water and power may show physical signs of economic growth.
source: economicnews
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