Nigeria’s daily crude oil production reached 1.68 million per barrel, a four-year high since 2022, according to the National Bureau of Statistics (NBS). This enables Nigeria to meet its OPEC quota for the quarter.
The economy grew following the rebasing of the Gross Domestic Product using 2019 as the base year, as previous quarterly GDP estimates were benchmarked to the rebased annual estimates.
The new quarterly GDP series, compared to the 2025 second quarter estimates, showed a 4.23% year-on-year growth in real terms in Q2 2025.
Agriculture grew by 2.82%, while the industry sector saw growth of 7.45% from 3.72% in Q2 2024.
The Services sector saw growth of 3.94% from 3.83% in Q2 2024.
The Industry sector contributed more to the aggregate GDP at 17.31% compared to 16.79% in Q2 2024.
The aggregate GDP at basic price stood at N100.730tr in nominal terms, indicating a year-on-year nominal growth of 19.23%.