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Africa Economy Agriculture Services

Nigeria’s economy grew by 3.98% in real terms in the third quarter of 2025, according to the National Bureau of Statistics (NBS). The figure marks a modest improvement over the 3.86% recorded in the same period last year, underscoring steady recovery across key sectors despite persistent structural constraints.

GDP Snapshot

Aggregate GDP in real terms stood at N57.03 trillion in Q3 2025, up from N54.85 trillion a year earlier. Nominal output rose 18.12% year-on-year to N113.59 trillion, reflecting both inflationary pressures and sectoral expansion.

Sector Contributions

• Services remained the largest contributor, accounting for 53.02% of GDP, driven by telecommunications, trade, real estate, and financial services.
• Agriculture followed with 31.21%, expanding 3.79% year-on-year, led by crop production.
• Industry posted mixed results, with construction growing 5.57% and manufacturing slowing to 1.25%.
The oil sector grew 5.84% compared to Q3 2024, supported by higher crude output averaging 1.64 million barrels per day. However, it contracted 5.53% quarter-on-quarter and contributed just 3.44% to GDP. The non-oil sector expanded 3.91%, outperforming both Q3 2024 and Q2 2025.

Key Growth Drivers

• ICT surged 5.78%, reflecting strong telecommunications and information services.
• Financial and insurance services recorded exceptional growth of 19.63%.
• Real estate expanded 3.50%, while trade rose 1.98%.
• Education, health, and public administration posted modest gains, with public administration up 2.12%.

Policy and Outlook

Statistician-General Prince Adeyemi Adeniran noted that the quarterly estimates are benchmarked to rebased national accounts, improving data quality and sectoral coverage.

Earlier this year, the International Monetary Fund (IMF) revised Nigeria’s 2025 growth forecast upward to 3.9%, citing higher oil production, stronger investor confidence, and supportive fiscal policies.