Nigeria’s economy grew by 4.43 per cent year-on-year in real terms in the second quarter of 2026, up slightly from the 4.23 per cent recorded in the corresponding period of 2025, according to the National Bureau of Statistics (NBS).
The latest figure represents a 0.20 percentage-point increase over the growth recorded in Q2 2025, indicating a modest improvement in economic activity.
The NBS attributed the growth largely to stronger performances in the agriculture and services sectors, while the industrial sector recorded a significant slowdown compared with the same period last year.
According to the report, the agricultural sector grew by 4.39 per cent in real terms in Q2 2026, compared with 2.82 per cent in Q2 2025 and 3.15 per cent in the first quarter of 2026.
On a quarter-on-quarter basis, agriculture expanded by 17.80 per cent and contributed 26.15 per cent to real GDP during the quarter.
Its contribution was slightly lower than the 26.17 per cent recorded in Q2 2025 but significantly higher than the 23.16 per cent contribution recorded in Q1 2026.
The services sector remained the fastest-growing of the three major sectors, expanding by 4.60 per cent year-on-year, compared with 3.94 per cent in Q2 2025.
The industrial sector, however, recorded slower growth of 3.96 per cent, down sharply from the 7.46 per cent recorded in the corresponding quarter of 2025.
In nominal terms, Nigeria’s aggregate GDP stood at N119.29 trillion in Q2 2026, compared with N100.73 trillion in Q2 2025.
This represents an 18.43 per cent year-on-year increase, reflecting both economic expansion and changes in price levels.
The NBS report also recorded an improvement in Nigeria’s crude oil production during the quarter.
Average daily crude oil output increased to 1.72 million barrels per day (mbpd), from 1.68 mbpd in Q2 2025 and 1.55 mbpd in Q1 2026.
The oil sector grew by 7.31 per cent year-on-year in real terms during Q2 2026.
However, the growth rate was significantly lower than the 20.46 per cent recorded in Q2 2025, although it was substantially higher than the 2.57 per cent recorded in Q1 2026.
On a quarter-on-quarter basis, the oil sector expanded by 10.91 per cent.
The sector’s contribution to real GDP also increased marginally to 4.16 per cent in Q2 2026, compared with 4.05 per cent in Q2 2025 and 3.92 per cent in Q1 2026.
The non-oil sector continued to account for the bulk of economic activity, growing by 4.31 per cent year-on-year in real terms during Q2 2026.
This compares with growth of 3.64 per cent in Q2 2025 and 3.94 per cent in the first quarter of 2026.
The NBS attributed the performance of the non-oil sector mainly to growth in agriculture, information and communication, real estate, trade, financial and insurance services, manufacturing and construction.
The latest GDP figures indicate that while Nigeria’s economy continued to expand in the second quarter, growth remained moderate amid differing performances across the major sectors.
