The Nigerian economy maintained a steady growth trajectory, expanding by 3.98 per cent in the third quarter of 2025, according to the latest data from the National Bureau of Statistics (NBS).
The performance, a slight improvement from the 3.86 per cent recorded in the same quarter of 2024, was largely propelled by robust activity in the agriculture, information and communication technology (ICT), and financial services sectors.
The NBS Gross Domestic Product (GDP) report, released on Monday, showed that aggregate real GDP stood at ₦57.03 trillion, up from ₦54.85 trillion in Q3 2024. In nominal terms, the economy’s output surged to ₦113.59 trillion, reflecting an 18.12 per cent year-on-year increase.
A sectoral breakdown reveals a story of uneven but positive recovery. The services sector, contributing 53.02 per cent to real GDP, remained the dominant force. Within it, ICT was a standout performer, posting a real growth rate of 5.78 per cent and increasing its contribution to 9.10 per cent of total output.
The financial and insurance sector, though contributing a smaller 2.65 per cent to GDP, recorded an explosive real growth of 19.63 per cent.
Agriculture, which accounts for 31.21 per cent of the economy, grew by 3.79 per cent, underpinned primarily by strong crop production.
This solid performance from the non-oil sector, which expanded by 3.91 per cent, provided critical stability. Meanwhile, the oil sector saw a real growth of 5.84 per cent, with average daily crude production rising to 1.64 million barrels from 1.47 million barrels a year earlier.
However, the report highlighted areas of concern. The manufacturing sector’s growth slowed markedly to 1.25 per cent, down from 1.74 per cent in the preceding quarter, with its contribution to GDP falling to 7.62 per cent. Trade growth also remained subdued at 1.98 per cent.
Prince Adeyemi Adeniran, the Statistician-General of the Federation, noted that the quarterly estimates are benchmarked to the rebased national accounts for consistency, reflecting improvements in data quality. The NBS emphasized that while most sectors sustained positive momentum, growth remains uneven across the economy.
The latest figures align with an improved outlook from the International Monetary Fund (IMF), which in October 2025 revised Nigeria’s growth projection for the year upward to 3.9 per cent. The IMF cited higher oil production, stronger investor confidence, and a supportive fiscal stance as key drivers.
The data suggests that while the Nigerian economy is on a path of gradual recovery, its resilience is increasingly tied to the non-oil sectors, with agriculture, ICT, and financial services emerging as the primary engines of growth in the third quarter.
Discussion about this post