The Nigerian economy showed renewed momentum in the third quarter of 2025, posting a growth rate of 3.98 per cent, according to official data released on Monday. The National Bureau of Statistics (NBS) reported this figure, marking a slight improvement from the 3.86 per cent growth recorded in the same period in 2024.
Key Sectors Powering the Expansion
The latest Gross Domestic Product (GDP) figures reveal a mixed but generally positive picture of economic recovery. In real terms, the aggregate GDP stood at ₦57.03 trillion, a notable increase from ₦54.85 trillion in Q3 of the previous year. The Services sector maintained its position as the largest contributor to the economy, accounting for 53.02 per cent of total output.
However, the standout performers driving the quarterly growth were Agriculture, Information and Communication Technology (ICT), and Financial Services. The non-oil sector remained the primary engine of the economy, expanding by 3.91 per cent, which outpaced its performance in both Q3 2024 and Q2 2025.
Agriculture and ICT Lead the Charge
The Agriculture sector grew by 3.79 per cent, with crop production identified as the dominant force behind this increase. Meanwhile, the ICT sector delivered an exceptionally strong performance, recording a real growth rate of 5.78 per cent. Its contribution to the real GDP consequently rose to 9.10 per cent.
An even more dramatic surge was seen in Financial and Insurance Services, which posted a remarkable real growth of 19.63 per cent. This stellar performance in finance and ICT, alongside sustained activity in trade and real estate, provided crucial stability for the overall economic output.
Contrasting Performances in Oil and Manufacturing
In contrast to these high-growth areas, the Manufacturing sector experienced a slowdown. Its real growth decelerated to 1.25 per cent, down from 1.74 per cent in the preceding quarter. This highlights the uneven nature of the recovery across different industries.
The oil sector posted a real growth of 5.84 per cent, a marginal increase from 5.66 per cent in Q3 2024. This improvement was linked to a rise in average daily crude oil production, which increased to 1.64 million barrels per day (mbpd) from 1.47 mbpd a year earlier. Despite this increase in output, the sector's contribution to the real GDP remains modest at just 3.44 per cent, underscoring the continued diversification of the economy away from oil dependency.
Official Outlook and International Alignment
The Statistician-General of the Federation, Prince Adeyemi Adeniran, acknowledged the positive momentum while cautioning that growth remains uneven across sectors. He emphasized that strong gains in ICT, finance, agriculture, and trade were instrumental in stabilizing the overall economic output.
This domestic data aligns with recent international assessments. In October 2025, the International Monetary Fund (IMF) revised its growth outlook for Nigeria upward to 3.9 per cent for the year. The IMF cited higher oil production, stronger investor confidence, and a supportive fiscal stance as the key drivers behind its optimistic projection, which now closely matches the actual Q3 performance reported by the NBS.
