…Non-oil sectors take centre stage
The National Bureau of Statistics (NBS) has released its report for the third quarter (Q3) of 2025, revealing that Nigeria’s economy grew by 3.98% year-on-year. While slightly lower than the 4.23% growth recorded in Q2, the latest data underscores the country’s resilience amid inflationary pressures and tight monetary policy.
“The growth figures reflect a broad-based expansion, particularly outside the oil sector,” said Dr. Funmi Adewale, an economist at Lagos Business School. “Services and agriculture are increasingly driving GDP growth, which is a positive signal for economic diversification.”
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Services and agriculture lead
The data show that the services sector grew by 4.15%, driven by financial services, trade, and telecommunications, while agriculture expanded by 3.77%, buoyed by increased production of staples and cash crops. The industrial sector also contributed modestly, reflecting a gradual recovery in manufacturing, construction, and power supply.
Although the oil sector saw production averaging about 1.64 million barrels per day, its contribution to GDP remained modest at 3.44%, signalling a slow but steady shift towards non-oil-driven economic growth. Analysts suggest this trend is critical for long-term stability, as it reduces vulnerability to oil price fluctuations in the global market.
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Implications for jobs and businesses
The growth in services and agriculture is not just about numbers; it has tangible implications for employment and business opportunities. SMEs, especially in agribusiness, fintech, and digital services, are benefiting from increased economic activity, while urban and rural employment prospects are gradually improving.
“This is a sectoral shift that could create thousands of jobs if supported with proper policies,” said Chukwudi Obi, CEO of a Lagos-based agritech firm. “It’s important for government and private investors to focus on capacity-building and infrastructure in these high-growth sectors.”
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Challenges remain
Despite the positive headline figures, Nigeria continues to face macroeconomic challenges. Inflation, high cost of living, and currency pressures remain critical concerns. Policymakers are under pressure to ensure that growth translates into real economic benefits for citizens, rather than just statistical gains.
Experts argue that strategic investments in energy, transportation, and technology could further boost productivity in both services and agriculture. Additionally, targeted fiscal policies and access to credit for SMEs will be essential to sustain momentum.
