Nigeria's economy posts fastest growth in four years

Nigeria's economy expanded 4.23% year on year in the second quarter, its quickest pace in about four years, helped by higher oil output and a stronger performance by industry and agriculture.

Monday's release by the statistics agency is the second to reflect a rebasing of Gross Domestic Product (GDP) aimed at capturing structural changes to the economy of Africa's most populous country.

Nigeria recorded average daily oil production of 1.68 million barrels per day (bpd) over April to June, up from 1.41 million bpd in the same quarter of 2024. That meant the oil sector grew 20.46% in annual terms.

Agriculture grew 2.82% year on year in the second quarter of 2025, while industry grew 7.45%.

Rebasing of GDP