Nigeria’s economic growth accelerated in the second quarter of 2026, with Gross Domestic Product (GDP) expanding by 4.43 per cent in real terms, as stronger performances in agriculture, services and oil helped lift economic activity.
The latest figure, released by the National Bureau of Statistics (NBS), represents an improvement from the 4.23 per cent recorded in the corresponding quarter of 2025 and a significant rise from the 3.89 per cent recorded in the first quarter of 2026.
The Q2 performance suggests that the economy is sustaining its gradual recovery, although the pace of growth remains moderate compared with the government’s longer-term aspirations.
Agriculture was among the major drivers of the expansion, growing by 4.39 per cent year-on-year, compared with 2.82 per cent in Q2 2025 and 3.15 per cent in the preceding quarter.
The sector expanded by 17.80 per cent quarter-on-quarter and accounted for 26.15 per cent of real GDP during the quarter.
Services remained the dominant component of the economy and recorded the fastest growth among the three broad sectors, expanding by 4.60 per cent, compared with 3.94 per cent a year earlier.
The sector accounted for 56.62 per cent of real GDP, marginally higher than the 56.53 per cent recorded in Q2 2025.
The industrial sector, however, presented a weaker picture. Its growth slowed to 3.96 per cent from 7.46 per cent in the same quarter of 2025.
The slowdown came despite improved performances in some industrial activities, highlighting continuing challenges confronting production and infrastructure-dependent businesses.
Oil production rises
Nigeria’s oil industry also recorded stronger output during the quarter.
Average daily crude oil production rose to 1.72 million barrels per day (mbpd), compared with 1.68 mbpd in Q2 2025 and 1.55 mbpd in Q1 2026.
The oil sector consequently grew by 7.31 per cent year-on-year, substantially higher than the 2.57 per cent recorded in the first quarter, although well below the 20.46 per cent growth recorded in Q2 2025.
On a quarter-on-quarter basis, the sector expanded by 10.91 per cent and increased its contribution to real GDP to 4.16 per cent.
The non-oil economy continued to dominate overall output, growing by 4.31 per cent in real terms, up from 3.64 per cent in Q2 2025 and 3.94 per cent in Q1 2026.
According to the NBS, the expansion was driven mainly by agriculture, information and communication, real estate, trade, financial and insurance services, manufacturing and construction.
GDP rises to N119.29 trillion
In nominal terms, Nigeria’s aggregate GDP stood at N119.29 trillion in Q2 2026, compared with N100.73 trillion in the corresponding quarter of 2025.
That represents an 18.43 per cent year-on-year increase, reflecting both the expansion in economic activity and changes in prices.
Other sectors also posted notable performances during the quarter. Information and communication grew by 9.62 per cent, while finance and insurance expanded by 9.29 per cent.
Construction recorded 6.75 per cent growth, accommodation and food services grew by 6.96 per cent, while transportation and storage expanded by 5.70 per cent.
However, electricity, gas, steam and air-conditioning supply contracted by 10.63 per cent, making it one of the notable drags on overall economic performance.
The latest GDP figures come amid cautious optimism over Nigeria’s economic outlook. The World Bank has upgraded its 2026 growth forecast for the country to 4.4 per cent, while the International Monetary Fund has projected 4.1 per cent growth.
The Q2 figures put Nigeria’s economy on a stronger trajectory, but the continued slowdown in some productive sectors, particularly industry and electricity supply, remains a key challenge if the country is to translate headline GDP growth into broader improvements in jobs, household incomes and living standards.
