Nigeria’s economy grew 4.23% year on year in the second quarter, its fastest pace in nearly four years. The statistics agency’s report reflects the second GDP release since a rebasing exercise designed to capture structural changes in the economy.
Average daily oil production rose to 1.68 million barrels per day, up from 1.41 million bpd in the same period last year. The oil sector surged 20.46% year on year, while agriculture expanded 2.82% and industry advanced 7.45%, showing broad-based economic momentum.
Economist Bismarck Rewane said the rebasing exercise earlier this year partly explained the higher reported growth rate for the quarter. “The rebasing of the GDP has helped reflect current economic realities,” Rewane told Reuters, highlighting a more accurate picture of Nigeria’s output.
President Bola Tinubu has sought to boost growth and strengthen public finances by cutting subsidies and promoting investment across sectors. Last month, Tinubu raised the annual growth target to 7%, up from 6% when he assumed office in 2023, signaling renewed ambition.
Nigeria’s economy had expanded 3.13% year on year in the first quarter of 2025, showing acceleration as energy and industry gained strength. Quarterly GDP growth above 4% was last recorded in 2021, according to data from the London Stock Exchange Group, underscoring recent volatility.