 |
| GDP |
Nigeria’s Gross Domestic Product (GDP) grew by 4.23 per cent year-on-year in real terms during the second quarter of 2025, according to new data released on Monday by the National Bureau of Statistics (NBS).
The figure reflects an improvement on the 3.48 per cent growth recorded in Q2 2024, indicating that the economy gained some momentum despite lingering structural challenges. The NBS explained that the calculation followed the rebasing of GDP to a 2019 base year, allowing for more accurate sectoral comparisons.
In its report, the bureau stated:
> “Following the rebasing of the Gross Domestic Product using 2019 as the base year, previous quarterly GDP estimates were benchmarked against the rebased annual estimates to align the old series with the new. This produced a new quarterly GDP series comparable with the Q2 2025 estimates.”
However, the announcement was immediately met with criticism from labour leaders, who questioned both the credibility and the relevance of the figures.
A senior official of the Nigeria Labour Congress (NLC), who spoke on condition of anonymity, argued that GDP growth figures mean little if they fail to translate into improved living standards.
> “When we talk about GDP growth, the question is how it impacts ordinary Nigerians. If the figures don’t reflect reality, they are meaningless. That is growth without development,” the official said.
The labour leader accused the government of using statistics to paint a false picture ahead of elections. Another NLC official dismissed Nigeria’s unemployment rate of four per cent as “a neoliberal construct designed to mask the consequences of failed policies.”
> “Do you see 4.23 per cent growth in your life? Workers are suffering, households are struggling. The economy is not growing for the people—it’s only growing on paper,” the union leader added.
The President of the Trade Union Congress, Festus Osifo, declined to comment on the matter.
Meanwhile, the NBS report revealed that the economy’s nominal value stood at ₦100.73 trillion in Q2 2025, up from ₦84.48 trillion in Q2 2024, representing a 19.23 per cent increase.
Much of the growth came from the oil sector, which rebounded strongly due to higher crude output. Daily production rose to 1.68 million barrels per day, compared with 1.41mbpd a year earlier and 1.62mbpd in Q1 2025. This pushed oil sector growth to 20.46 per cent in real terms, up sharply from just 1.87 per cent in the previous quarter.
The oil sector’s contribution to GDP climbed to 4.05 per cent, while mining and quarrying grew by 20.86 per cent, with quarrying up 50.41 per cent and coal mining rising 32.59 per cent.
The non-oil economy, however, remained dominant, accounting for 95.95 per cent of GDP and expanding by 3.64 per cent compared with 3.26 per cent in Q2 2024. Growth was driven by agriculture, services, telecommunications, finance, construction, and trade.
Agriculture rose by 2.82 per cent, rebounding from 0.07 per cent in Q1, though its share fell slightly to 26.17 per cent.
Industry expanded by 7.45 per cent, while manufacturing slowed to 1.60 per cent.
Construction grew by 5.27 per cent, though it declined quarter-on-quarter.
Services rose by 3.94 per cent, up from 3.83 per cent a year earlier.
In specific sectors:
Trade accounted for 18.28 per cent of GDP but slowed to 1.29 per cent growth.
Information and communication expanded 6.61 per cent, contributing 11.18 per cent.
Finance and insurance surged 16.13 per cent, raising its share to 3.23 per cent.
Transportation and storage jumped 22.09 per cent, while electricity, gas, steam, and air conditioning grew by 11.47 per cent.
Water supply, waste management, and remediation expanded by 10.60 per cent.
Despite the positive data, labour unions insist the figures fail to capture the worsening reality of joblessness, inflation, and declining living standards.
Post a Comment