Menu

Nigeria’s economy strengthened in the second quarter of 2026, with real GDP expanding by 4.43 per cent year on year, according to the National Bureau of Statistics (NBS). The growth rate represents an improvement over the 3.89 per cent recorded in the first quarter and the 4.23 per cent posted in the same period of 2025. It is also the fastest quarterly expansion since the third quarter of 2024.

In nominal terms, GDP rose to ₦119.29 trillion, while real GDP was estimated at ₦53.47 trillion. The NBS noted that the latest performance reflects stronger activity in both the oil and non oil sectors, even though the industrial sector experienced a marked slowdown compared with a year earlier. Nigeria’s economy grew by 3.87 per cent in 2025, up from 3.38 per cent in 2024.

The services sector remained the dominant contributor to real GDP, accounting for 56.62 per cent. It expanded by 4.60 per cent, compared with 3.94 per cent in the second quarter of 2025. Agriculture contributed 26.15 per cent and grew by 4.39 per cent, a notable improvement from 2.82 per cent a year earlier. Industrial output, however, grew by 3.96 per cent, significantly lower than the 7.46 per cent recorded in the corresponding quarter of 2025, leaving the sector with a 17.23 per cent share of real GDP.

The oil sector recorded a stronger performance, supported by increased crude production. Average daily output rose to 1.72 million barrels per day, up from 1.55 million bpd in the first quarter and 1.68 million bpd in the second quarter of 2025. Oil GDP growth accelerated to 7.31 per cent year-on-year, compared with 2.57 per cent in the previous quarter, and expanded by 10.91 per cent on a quarter on quarter basis. Despite this improvement, oil contributed only 4.16 per cent of real GDP, while the non-oil sector accounted for 95.84 per cent.

The non oil economy grew by 4.31 per cent, compared with 3.64 per cent in the second quarter of 2025 and 3.94 per cent in the first quarter of 2026. 

The NBS attributed this performance to increased activity across agriculture, information and communication, real estate, trade, financial and insurance services, manufacturing, and construction.