Nigeria’s gross domestic product (GDP) surged by 4.23% in the second quarter (Q2) of 2025. Total GDP was equivalent to N51.2 trillion, compared to N49.12 trillion in Q2 2024.
Growth was led by the oil sector which urged by 20.46% year-on-year in Q2 as production increased to 1.68 million barrels per day, from 1.41 million barrels a year earlier.
The GDP data however revealed the oil and gas sector, once a major part of the economy, had become much smaller and real estate is now one of its largest.
Economic activity may get a further boost from the sector in coming quarters as daily oil output is expected to rise to more than 2 million barrels per day this year and be sustained through 2027, Bayo Ojulari, chief executive officer of Nigerian National Petroleum Corporation Limited said in May.
He sees daily production reaching 3 million barrel per day by 2030.
The non-oil sector expanded 3.6% compared with 3.2% in the first quarter led by agriculture, information and communication and real estate industries.
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