The latest report by the National Bureau of Statistics (NBS), shows that the nation’s Gross Domestic Product (GDP) grew by 3.98% (year-on-year) in real terms in the third quarter of 2025.
NBS, in the report released on Monday said the growth rate was higher than the 3.86% recorded in the third quarter of 2024.
The Bureau explained that during the quarter under review, agriculture grew by 3.79%, an improvement from the 2.55% recorded in the corresponding quarter of 2024.
The NBS report revealed that the industry sector grew by 3.77% from 2.78% recorded in the third quarter of 2024, while the services sector recorded a growth of 4.15% from 4.97% in the same quarter of 2024.
In terms of share of the GDP, it said the services sector contributed more to the aggregate GDP in the third quarter of 2025 at 53.02% compared to the corresponding quarter of 2024 at 52.93%.
In the quarter under review, NBS said aggregate GDP at basic price stood at N113,587,291.77 million in nominal terms.
This performance, it said was higher when compared to the third quarter of 2024, which recorded an aggregate GDP of N96,160,479.86 million, indicating a year-on-year nominal growth of 18.12%.
For better clarity, the Nigerian economy has been classified broadly into the oil and non-oil sectors.
THE OIL SECTOR
According to NBS, the nation in the third quarter of 2025 recorded an average daily oil production of 1.64 million barrels per day (mbpd), higher than the daily average production of 1.47 mbpd recorded in the same quarter of 2024 by 0.17 mbpd and lower than the second quarter of 2025 production volume of 1.68 mbpd by 0.04mbpd.
The real growth of the oil sector was 5.84 (year-on-year) in Q3 2025, indicating an increase of 0.18% points relative to the rate recorded in the corresponding quarter of 2024 (5.66%). Growth decreased by 14.62% points when compared to Q2 2025, which was 20.46%.
On a quarter-on-quarter basis, the oil sector recorded a growth rate of -5.53% in Q3 2025. The Oil sector contributed 3.44% to the total real GDP in Q3 2025, up from the figure recorded in the corresponding period of 2024 at 3.38%. and down from the preceding quarter, where it contributed 4.05%.
THE NON-OIL SECTOR
The report shows that the non-oil sector grew by 3.91% in real terms during the reference quarter (Q3 2025).
This rate, it explained was higher by 0.11% points compared to the rate recorded in the same quarter of 2024, which was 3.79% and higher than the 3.64% recorded in the second quarter of 2025.
The Bureau said the sector was driven in the third quarter of 2025 mainly by Agriculture (Crop production); Information and Communication (Telecommunications); Real Estate; Financial and Insurance (Financial Institutions); Trade; Construction; and Manufacturing, accounting for positive GDP growth.
In real terms, NBS said the non-oil sector contributed 96.56% to the nation’s GDP in the third quarter of 2025, lower than the share recorded in the third quarter of 2024, which was 96.62% and higher than the second quarter of 2025 recorded as 95.95%.
