Nigeria recorded a 3.98% economic growth in the third quarter of 2025, according to new data from the National Bureau of Statistics (NBS).
The report shows that the growth was mainly driven by the non-oil sector, especially agriculture and services.
The NBS said Nigeria’s nominal GDP stood at N113.59 trillion, while real GDP was N57.03 trillion in Q3 2025. Agriculture grew by 3.79%, higher than the 2.55% recorded in the same period in 2024.
The services sector contributed the most to the economy with 53.02% of total output, followed by agriculture at 31.21%. Key growth areas included ICT, financial services, real estate and trade.
However, despite this growth, many Nigerians are still struggling with high living costs. Economists say this is because the benefits of growth are not reaching households.
Growth Not Improving Living Standards – Prof. Ajibola
Prof. Segun Ajibola described the GDP growth as encouraging, especially due to increased agricultural activity. He noted that food production generally improves during harvest season, leading to lower food prices in some areas.
But he said high transportation, energy and storage costs, along with insecurity, continue to make life expensive for most people. He added that Nigeria’s weak connection between macroeconomic growth and household welfare prevents people from feeling the impact.
According to him, Nigeria needs stronger monetary, fiscal and political actions before growth can improve living conditions.
People Still Can’t Cope with Rising Costs – Idakolo
Economist and CEO of SD & D Capital Management, Gbolade Idakolo, said government policies in agriculture are starting to show results. He pointed to partnerships like the Lagos-Kebbi Lake Rice project, the lifting of bans on some food imports, and more support for farmers.
These steps have helped reduce prices of some basic foods.
However, he warned that many Nigerians still can’t afford basic items because incomes are too low. He said the current minimum wage of N70,000 does not match the high cost of food and other necessities.
GDP Numbers Don’t Tell the Full Story – Unegbu
Financial expert Mazi Okechukwu Unegbu urged Nigerians to be cautious when interpreting the GDP growth figures.
He said the statistics may not accurately represent current realities, as the situation often changes by the time the data is released.
He acknowledged that Nigeria is making progress but said citizens are yet to feel it in the marketplace.
Growth Means Little Without Relief for Families – Prof. Oyedokun
Prof. Godwin Oyedokun called the GDP growth a “mixed picture.” He said the agricultural improvements show that farmers are producing more, but this growth has not translated into lower living costs for the average Nigerian.
He explained that:
Food inflation is still high.
Insecurity, poor roads, high fuel costs and storage challenges keep prices up.
Exchange rate instability and rising production costs worsen the situation.
Wages are not increasing fast enough to match inflation.
He said smallholder farmers still face many problems, including poor access to credit and low mechanisation, which limits inclusive growth.
Prof. Oyedokun said Nigerians want growth they can feel through stable prices, affordable food and better purchasing power.
He called for policies that improve security, reduce logistics costs, stabilise the exchange rate and support both small and large-scale producers.
He concluded that until inflation drops and incomes rise, GDP growth will remain encouraging on paper but disconnected from people’s reality.
