GDP report shows positive momentum for Nigeria’s economy – Uwaleke
Orisemeke Benjamin
Professor of the Capital Market and Finance, Uche Uwaleke said the Q3 2025 GDP report shows a broadly positive but mixed economic performance, with momentum driven largely by improvements in both the oil and non-oil sectors, though the latter remains the dominant engine of growth.
In its GDP report for third quarter 2025, released Monday in Abuja, the National Bureau of Statistics (NBS), stated that the economy expanded by 3.98 per cent year-on-year growth in real terms in the third quarter of 2025.
The figure marks a modest improvement over the 3.86 per cent growth recorded in the same period of 2024.
The NBS report showed that agriculture, a key driver of Nigeria’s economy, grew by 3.79 per cent, up from 2.55 per cent in the third quarter of 2024, reflecting increased output in crop production, livestock, and fisheries.
The industry sector also showed resilience, expanding by 3.77 per cent, compared to 2.78 per cent in the previous year, driven largely by manufacturing, construction, and mining activities.
Commenting on the NBS report, Uwaleke said that “Overall GDP expanded by 3.98% year on year, slightly stronger than Q3 2024, but lower than Q2 2025. The strongest underpinning came from the non-oil sector which accounted for 96% of total real GDP. Within this space, crop production performed significantly better than last year and showing a strong quarter on quarter boost due to seasonality and improved output. Other key contributors included telecoms, transportation, real estate and financial Institutions which recorded positive real growth.
“It’s instructive to note that the oil sector, though relatively small in its GDP share, also strengthened year on year, on the back of higher crude oil output compared with 2024. However, the sector contracted sharply relative to Q2 2025 due to lower average production, highlighting ongoing volatility.
“Regrettably, manufacturing continues to grow slowly, at less than 2% with declining GDP share. Addressing structural bottlenecks including energy supply, transportation and access to credit will be critical to boosting industrial capacity and job creation.
“Overall, in order to translate the modest growth into inclusive and sustainable gains, policy attention should prioritise job-intensive sectors such as agriculture, manufacturing and construction, while expanding critical social investments in education and health.”
