Connect with us

General News

NBS says Nigeria’s Economy Grows 3.98% in Q3 2025, Driven by ICT, Agriculture

Published

on

Kindly share this post

Nigeria’s economy expanded by 3.98 per cent in the third quarter of 2025, slightly up from 3.86 per cent in the same period of 2024, according to the latest Gross Domestic Product (GDP) report released by the National Bureau of Statistics (NBS) on Monday.

The report showed mixed recovery across key sectors, with agriculture and industry posting stronger real growth, while services maintained the largest share of overall output. Aggregate GDP in real terms stood at ₦57.03 trillion, up from ₦54.85 trillion in Q3 2024. In nominal terms, output rose 18.12 per cent year-on-year to ₦113.59 trillion, compared with ₦96.16 trillion a year earlier.

The services sector contributed 53.02 per cent of real GDP, followed by agriculture at 31.21 per cent. Key drivers included crop production, telecommunications, real estate, trade, and financial services.

The oil sector posted a real growth of 5.84 per cent, slightly up from 5.66 per cent in Q3 2024. Average crude oil production rose to 1.64 million barrels per day from 1.47 million barrels per day a year earlier, though slightly below the 1.68 million barrels per day recorded in Q2 2025. Despite a quarterly contraction of 5.53 per cent, oil’s contribution to real GDP increased marginally to 3.44 per cent.

Meanwhile, the non-oil sector expanded by 3.91 per cent, outperforming Q3 2024 (3.79 per cent) and Q2 2025 (3.64 per cent). Agriculture grew by 3.79 per cent, driven mainly by crop production, which accounted for nearly two-thirds of the sector’s nominal output.

Other sectoral highlights include: Manufacturing: Real growth slowed to 1.25%, down from 1.74% in Q2 2025. Contribution to GDP fell to 7.62%.

Construction: Real growth of 5.57%, slightly below 6.80% in 2024; contribution at 3.80%.

Trade: 1.98% real growth, accounting for 16.42% of GDP.

ICT (Information and Communication): 5.78% real growth; contribution rose to 9.10%.

Real Estate: Nominal output surged 89.34%, with real growth at 3.50%.

Financial and Insurance Services: Real growth of 19.63%, though contribution to GDP fell to 2.65%; nominal growth 40.55%.

Education and Health: Grew modestly at 2.51% and 2.89%, respectively.

The NBS noted that while most sectors sustained positive momentum, growth remains uneven. Strong gains in ICT, finance, agriculture, and trade helped stabilize overall output.

Prince Adeyemi Adeniran, Statistician-General of the Federation, emphasized that the quarterly estimates are benchmarked to the rebased national accounts for consistency, reflecting improvements in data quality and sectoral coverage.

Earlier in October 2025, the International Monetary Fund (IMF) revised Nigeria’s 2025 growth outlook upward to 3.9 per cent, citing higher oil production, stronger investor confidence, and a supportive fiscal stance as key drivers. The IMF also upgraded the 2026 projection to 4.2 per cent and revised 2024 growth to 4.1 per cent.

 


Kindly share this post

Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

General News

Nigeria Targets Satellite-to-Mobile Services in Draft Spectrum Roadmap

Published

on

Kindly share this post

Nigerian Communications Commission (NCC) has unveiled a forward-looking strategy that places satellite-enabled mobile connectivity at the heart of the country’s drive to bridge its long-standing coverage gaps.

Nigeria Targets Satellite-to-Mobile Services in Draft Spectrum Roadmap

The draft Spectrum Roadmap for the Communications Sector for 2025 to 2030 lays out how satellite technologies could help deliver reliable voice and data services to millions of Nigerians who live beyond the reach of conventional mobile networks.

The direction is outlined in the Commission’s draft Spectrum Roadmap for the Communications Sector covering the period.

The proposed approach highlights non-terrestrial networks as a complement to existing mobile infrastructure, especially in areas where terrain, insecurity, or high costs limit the deployment of base stations.

The NCC said D2D satellite technology, which allows standard mobile phones to connect directly to satellites, is gaining traction globally as a means of delivering voice and data services without reliance on ground towers.

According to the regulator, the technology could help close persistent coverage gaps in rural, riverine, and border communities that remain outside the reach of conventional networks.

It also noted that satellite-backed connectivity could improve network reliability by providing alternative links during fibre cuts, power failures, or other disruptions affecting terrestrial systems.

The Commission added that wider adoption of D2D services could support emergency communications, public safety operations, Internet of Things applications, and services such as smart agriculture in underserved regions.

It also pointed to potential investment opportunities through partnerships between mobile network operators and satellite companies, including more efficient use of shared spectrum resources.

Beyond D2D services, the roadmap places emphasis on Low-Earth Orbit satellites to expand broadband access to remote parts of the country.

It also proposes better utilisation of Geostationary Orbit satellites and the exploration of high-altitude platforms, such as stratospheric balloons, to support mobile backhaul and rural connectivity.

The policy signals come shortly after Airtel Africa announced an agreement with SpaceX to introduce Starlink-powered direct-to-cell services in Nigeria.

The NCC’s roadmap is expected to shape future spectrum allocation, licensing decisions, and technology adoption across the telecommunications sector.


Kindly share this post
Continue Reading

General News

House of Reps Releases Certified Copies of Tax Reform Acts amid Gazette Discrepancy Claims

Published

on

Kindly share this post

House of Representatives has released certified true copies of the four tax reform Acts signed into law by President Bola Tinubu, addressing public concerns over alleged discrepancies between legislative versions and circulated gazetted documents.

House of Reps Releases Certified Copies of Tax Reform Acts amid Gazette Discrepancy Claims

Tax Reform Acts

House spokesperson, Akin Rotimi, disclosed this in a statement, noting that Speaker Tajudeen Abbas directed the immediate publication of the Acts—including endorsement and presidential assent pages—for public verification, in collaboration with Senate President Godswill Akpabio.

The move followed allegations raised by Rep. Abdulsamad Dasuki on the House floor, highlighting inconsistencies between Bills passed by the National Assembly and executive gazetted versions, which he warned could erode legislative integrity and public trust.

Abbas constituted a seven-member ad hoc committee chaired by Rep. Aliyu Betara, with members including Idris Wase, Sada Soli, Adedeji Faleke, Igariwey Iduma, Fred Agbedi and Babajimi Benson, to investigate the alleged alterations, unauthorised circulation and preventive measures.

The committee’s mandate includes probing circumstances around the discrepancies, while Abbas ordered internal verification and public release of certified copies to dispel doubts and safeguard legislative records. Legal experts, tax professionals and civil society had demanded clarification and implementation suspension amid heated debates triggered by Dasuki’s intervention.

The released laws comprise the Nigeria Tax Act, 2025; Nigeria Tax Administration Act, 2025; National Revenue Service Establishment Act, 2025; and Joint Revenue Board Establishment Act, 2025, described as foundational to modernising Nigeria’s tax system.

These reforms aim to enhance compliance, curb inefficiencies, eliminate overlaps and bolster fiscal coordination across federal, state and local tiers, following extensive stakeholder consultations, committee reviews and plenary debates under Abbas’s leadership.

Rotimi reassured Nigerians: “The National Assembly is an institution built on records, procedure, and institutional memory. Every Bill, every amendment, and every Act follows a traceable constitutional and parliamentary pathway.”

He emphasised that only National Assembly-certified versions hold authority, urging the public, institutions and stakeholders to disregard all other circulating documents as unofficial.


Kindly share this post
Continue Reading

General News

MultiChoice Secures 12 Warner Bros. Discovery Channels in New Multi-Year Deal

Published

on

Kindly share this post

MultiChoice, a CANAL+ company, has retained the distribution rights to 12 Warner Bros. Discovery thematic channels following the signing of a new multi-year, multi-territory agreement between CANAL+ Group and Warner Bros. Discovery, marking a significant expansion of their long-standing partnership.

MultiChoice Secures 12 Warner Bros. Discovery Channels in New Multi-Year Deal

MultiChoice

The new deal, which spans several regions across Africa and Europe, covers the distribution of HBO Max as well as the renewal of selected Warner Bros. Discovery thematic channels. It represents a major milestone in the companies’ international collaboration and strengthens content offerings across MultiChoice Group territories.

MultiChoice disclosed that this agreement builds on earlier partnerships concluded in Europe. “It builds on the landmark agreements concluded in France in 2024,including the renewal of the exclusive pay-TV window for Warner Bros. Pictures films just six months after their theatrical release in France and the integration of HBO Max within select CANAL+ group offers – as well as in Poland in 2025, with the renewal of the distribution agreement for 22 thematic channels (including TVN 24 and Eurosport) and 4 free-to-air channels (including TVN).”

Under the renewed arrangement, MultiChoice Group will continue to distribute 12 Warner Bros. Discovery thematic channels across its territories, with some channels offered on an exclusive basis. CNN International and Cartoon Network will remain exclusive to South Africa while being distributed non-exclusively in other markets. Cartoon Network Porto will be exclusive in Angola and Mozambique and non-exclusive elsewhere. Other channels such as Discovery Channel, TLC, HGTV, Food Network, TNT Africa, Travel, ID and Cartoonito will be offered on a non-exclusive basis.

According to the partners, the deal reinforces CANAL+ Group’s channel portfolio on the continent. “This agreement enables CANAL+ Group to strengthen its entertainment, kids, news, and documentary channel offerings in African markets.”

The agreement is also expected to improve access for CANAL+ Group subscribers to Warner Bros. Discovery’s premium content through HBO Max and selected channels, including globally recognised series and films, further extending the studio’s international reach while consolidating MultiChoice’s content offering in key markets.

 


Kindly share this post
Continue Reading

Trending