Nigeria’s Economy Expands: Q3 GDP Grows By 3.98%, Up from 3.86% Last Year
•By Admin
ABUJA – THE latest report released by the National Bureau of Statistics (NBS) on Monday on Nigeria’s economic performance for the third quarter of 2025, indicates steady growth amid shifts across key sectors.
The data obtained by our Correspondent in Abuja, showed that the Gross Domestic Product (GDP) grew by 3.98% year-on-year in real terms, up from 3.86% in Q3 2024, reflecting continued economic expansion.
The services sector remained the largest contributor to GDP, accounting for 53.02% of output compared to 52.93% in the previous year, with 4.15% growth. Agriculture’s growth improved significantly to 3.79% from 2.55%, supporting rural incomes and food supply. Industry grew by 3.77%, slightly above last year’s 2.78%.
Nominal GDP rose 18.12% year-on-year to about ₦113.6 trillion, indicating inflationary pressures along with real growth.
Oil production averaged 1.64 million barrels per day (mbpd) in Q3 2025, an increase from 1.47 mbpd in the same quarter last year but slightly below the 1.68 mbpd recorded in Q2 2025.
The oil sector’s real growth was 5.84% year-on-year, marginally higher than 5.66% in Q3 2024 but down significantly from the 20.46% growth in Q2 2025.
On a quarter-to-quarter basis, the oil sector contracted by 5.53%. Its contribution to real GDP was 3.44%, up slightly from 3.38% in Q3 2024 but down from 4.05% in Q2 2025.
The non-oil sector grew by 3.91%, driven by agriculture (especially crop production), telecommunications, real estate, financial services, trade, construction, and manufacturing.
Its share of GDP was 96.56%, marginally lower than 96.62% a year earlier but higher than 95.95% in Q2 2025.
Despite the sector’s challenges, the mining & quarrying sector saw a nominal decline of 41.08% year-on-year due to volatility in crude petroleum and natural gas outputs.
However, metal ores and other minerals recorded strong gains of 72.95% and 45.70%, respectively. Real terms growth for mining & quarrying was 7.02% year-on-year, improving from last year but slower than the previous quarter.
Its contribution to GDP was 3.57%, up marginally from Q3 2024.
The NBS data underscores ongoing diversification efforts in the Nigerian economy, with solid non-oil sector performance offsetting fluctuations in oil output.
Analysts watch closely to see if the oil sector can regain momentum in coming quarters, while sustaining growth in agriculture and services remains vital for stable economic expansion.
•INDEPENDENTNG.