The National Bureau of Statistics (NBS) has said the country’s Gross Domestic Product (GDP) grew by 3.98 percent (year-on-year) in real terms in Q3 2025.
The data bureau announced the development in its latest GDP report for Q3 2025.
The growth rate, according to the organisation, is higher than the 3.86 percent recorded in Q3 2024.
“Following the rebasing of the Gross Domestic Product using 2019 as the base year, previous quarterly GDP estimates were benchmarked to the rebased annual estimates to align the old series with the new rebased estimates,” the report reads.
“This procedure provided a new quarterly GDP series, which is compared to the 2025 third quarter estimates. Gross Domestic Product (GDP) grew by 3.98% (year-on-year) in real terms in the third quarter of 2025.
“This growth rate is higher than the 3.86% recorded in the third quarter of 2024.”
In the quarter under review, the NBS said agriculture grew by 3.79 percent — an improvement from the 2.55 percent recorded in the corresponding quarter of 2024.
According to the bureau, the growth of the industry sector stood at 3.77 percent from 2.78 percent recorded in the third quarter of 2024, while the services sector recorded a growth of 4.15 percent from 4.97 percent in the same quarter of 2024.
“In terms of share of the GDP, 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%,” the bureau said.
The NBS said the aggregate GDP at basic price stood at N113.58 trillion in nominal terms.
This performance, the bureau said, is higher relative to the third quarter of 2024, which recorded an aggregate GDP of N96.16 trillion, indicating a year-on-year nominal growth of 18.12 percent.
The nominal GDP and real GDP both quantify the total value of all goods produced in a country in a year.
However, while real GDP is adjusted for inflation, nominal GDP is not.
‘OIL PRODUCTION INCREASED TO 1.64M BPD IN Q3 2025’
The statistics firm further said the country recorded an average daily oil production of 1.64 million barrels per day (mbpd) in Q3 2025.
“This is 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 NBS said.
The NBS report said the oil sector contributed 5.84 percent to the total real GDP in Q3 2025 – up from the figure recorded in the corresponding period of 2024 at 5.66 percent, and up from the preceding quarter, where it contributed 20.46 percent.
“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%),” the NBS said.
“Growth decreased by 14.62% points when compared to Q2 2025, which was 20.46%.
