Nigeria's economy experienced a robust growth of 3.98% in the third quarter of 2025, according to the National Bureau of Statistics (NBS). This positive performance is a significant improvement from the previous year's Q3, where the GDP growth rate was 3.86%. However, it's slightly lower than the 4.23% growth recorded in Q2 2025. The NBS attributes this growth to the diverse sectors of the economy, with agriculture, industry, and services contributing significantly. The services sector, in particular, played a pivotal role, accounting for 53.02% of the GDP in Q3 2025, up from 52.93% in the same period last year. The oil sector, a critical component of Nigeria's economy, saw a growth rate of 5.84% in Q3 2025, a slight increase from the previous year's 5.66%. Despite this, the oil sector's contribution to the total real GDP decreased to 3.44% in Q3 2025, down from 4.05% in Q2 2025. The non-oil sector, however, dominated with a contribution of 96.56% to the GDP in Q3 2025, driven by sectors like agriculture, information and communication, real estate, finance and insurance, trade, construction, and manufacturing. The NBS also noted a rebased GDP with 2019 as the base year, ensuring a more accurate representation of the economy's performance. This rebased GDP series provides a comprehensive and up-to-date picture of Nigeria's economic health, allowing for better comparisons and policy-making.
