Nigeria’s Economy Expands by 3.7% in H1 2025; details revealed

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The Nigerian economy has recorded a growth rate of 3.7% in the first half of 2025, driven by improved business conditions and increased oil production. According to the Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) report, the growth is attributed to higher crude oil production and improved growth in manufacturing and services.

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Muyiwa Oni, Head of Equity Research at Stanbic IBTC Bank, said, “Insights from the monthly PMIs and crude oil production data suggest an economy that grew by an estimated 3.7% year-on-year in H1 2025.” He expects interest rates to be lower this year and next, with a potential rate cut of 150-200 basis points in 2025 and 200-250 basis points in 2026

The PMI report also showed that business conditions remained in expansionary territory for the seventh consecutive month, although the pace of growth slowed. The headline PMI stood at 51.6 points in June, down from 52.7 points in May. Despite the slowdown, business confidence improved, with sentiment reaching its highest level since August 2022.

“We still expect the Nigerian economy to grow by 3.5% year-on-year in real terms in 2025, but post-GDP rebasing may amplify this growth to 4.2% year-on-year,” Oni added. The report highlights the resilience of the Nigerian economy, despite challenges such as material shortages, delayed payments, and power supply issues

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