Nigeria’s economy grew by 4.23% in the second quarter of 2025, marking its fastest pace in nearly four years. The acceleration was driven by higher oil output and stronger performances in both industry and agriculture.
Between April and June, crude oil production averaged 1.68 million barrels per day, up from 1.41 million a year earlier. This pushed the oil sector to expand by 20.46% year-on-year. Agriculture grew by 2.82%, while industry surged by 7.45%.
The figures reflect a new GDP rebasing, introduced earlier this year to better capture the structure of Africa’s largest economy. Economist Bismarck Rewane noted that the updated methodology contributed to the higher growth rate.
President Bola Tinubu, who has already scrapped several subsidies to stabilize public finances, has now set a more ambitious annual growth target of 7%, up from the 6% target he announced when taking office in 2023.
For comparison, Nigeria’s GDP grew 3.13% in Q1 2025. The last time quarterly growth exceeded 4% was in 2021.
