Nigeria’s economy grew 3.98 per cent year-on-year in the third quarter of 2025, according to data from the National Bureau of Statistics (NBS) on Monday.
The economy expanded by 4.23 per cent in the second quarter and by 3.13 per cent in the first three months of this year, after updated calculations following a rebasing of its Gross Domestic Product (GDP).
The rebasing exercise took place in July and aims to reflect structural changes in how the country tracks its economic growth.
Nigeria’s nominal growth, which measures the value of all goods and services produced using current market prices, in the third quarter stood at N113.59 trillion while real GDP, which is adjusted for inflation thereby removing the effect of rising prices, stood at N57.03 trillion.
The NBS also affirmed that in Q3 2025, the Nigerian economy remained overwhelmingly driven by the non-oil sector, which contributed 96.56 per cent to total GDP while the oil sector contributed only 3.44 per cent, highlighting Nigeria’s continued structural shift toward non-oil activities despite fluctuations in crude output.
While Nigeria’s non-oil GDP consistently stayed above 95 per cent in the last quarters, oil GDP dropped from 4.05 per cent (Q2 2025) to 3.44 per cent reflecting operational issues in the sector such as pipeline outages, production constraints, and global oil price movements.
The Non-oil GDP sector was dominated by three major sectors led by services with 53.02 per cent which remains the biggest driver of economic activity followed by industries at 33.77 per cent supported largely by manufacturing, construction, and utilities while agriculture contributed 13.21 per cent.
Meanwhile, oil production dropped in the three months to 1.64 million barrels per day, versus 1.68 million barrels per day in the preceding quarter. Despite the decline, Nigeria stayed above the 1.5 million barrels per day benchmark of the Organisation of the Petroleum Exporting Countries and its allies (OPEC+), but remained below the 1.8 million barrels per day target in the 2025 budget.