NIGERIA’S ECONOMY GROWS 4.43% IN Q2 2026 – NBS
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By Aishat Momoh. O.
Nigeria’s economy grew by 4.43 per cent year-on-year in real terms in the second quarter of 2026, exceeding the 4.23 per cent recorded in the corresponding quarter of 2025, the National Bureau of Statistics (NBS) has said.
The latest figure also represents an improvement from the 3.89 per cent growth recorded in the first quarter of 2026.
The NBS disclosed this in its Nigerian Gross Domestic Product Report for Q2 2026, which contains rebased GDP estimates at constant 2019 prices.
“Gross Domestic Product grew by 4.43 per cent (year-on-year) in real terms in the second quarter of 2026, higher than the 4.23 per cent recorded in the second quarter of 2025,” the bureau said.
At current basic prices, aggregate GDP stood at N119.29 trillion, compared with N100.73 trillion in Q2 2025, representing a nominal growth of 18.43 per cent.
The report showed broad-based growth across key sectors, with agriculture expanding by 4.39 per cent, up from 2.82 per cent in Q2 2025, while services grew by 4.60 per cent, compared with 3.94 per cent a year earlier.
Industrial growth, however, slowed to 3.96 per cent from 7.46 per cent recorded in the corresponding period of 2025.
The services sector remained the largest contributor to Nigeria’s real GDP, accounting for 56.62 per cent, slightly higher than the 56.53 per cent recorded a year earlier.
Agriculture contributed 26.15 per cent to real GDP, marginally below its 26.17 per cent share in Q2 2025 but higher than the 23.16 per cent recorded in the preceding quarter. Crop production remained the sector’s major driver.
The oil sector grew by 7.31 per cent year-on-year, significantly lower than the 20.46 per cent recorded in Q2 2025 but higher than the 2.57 per cent growth recorded in Q1 2026.
Average crude oil production increased to 1.72 million barrels per day, compared with 1.68 million barrels per day in Q2 2025 and 1.55 million barrels per day in Q1 2026.
The oil sector’s contribution to real GDP increased slightly to 4.16 per cent from 4.05 per cent a year earlier and 3.92 per cent in the preceding quarter.
Meanwhile, the non-oil sector grew by 4.31 per cent, compared with 3.64 per cent in Q2 2025 and 3.94 per cent in Q1 2026.
According to the NBS, the non-oil sector was driven mainly by crop production, telecommunications, real estate, trade, financial institutions, cement manufacturing and construction.
The sector accounted for 95.84 per cent of real GDP during the quarter.
Among the major sectors, Information and Communication recorded a strong 9.62 per cent growth, with its contribution to real GDP increasing to 11.74 per cent from 11.18 per cent in Q2 2025.
Manufacturing grew by 3.24 per cent, although its contribution declined slightly to 7.72 per cent from 7.81 per cent.
Construction expanded by 6.75 per cent, contributing 3.68 per cent to real GDP, while trade grew by 2.40 per cent, an improvement from 1.29 per cent a year earlier.
Mining and quarrying grew by 6.37 per cent, while water supply, sewerage and waste management recorded 11.24 per cent growth.
Accommodation and food services expanded by 6.96 per cent, while transportation and storage grew by 5.70 per cent.
Arts, entertainment and recreation recorded one of the strongest growth rates at 11.93 per cent, while finance and insurance expanded by 9.29 per cent and real estate by 3.76 per cent.
Other sectors also recorded growth, including administrative and support services at 3.27 per cent, public administration at 1.94 per cent, education at 2.76 per cent, and human health and social services at 2.64 per cent.
However, electricity, gas, steam and air-conditioning supply contracted by 10.63 per cent, compared with an 11.47 per cent expansion in Q2 2025, making it one of the major drags on overall economic growth.
The NBS said other services also contracted by 0.70 per cent, although the decline represented an improvement compared with previous quarters.
Overall, the Q2 figures indicate that Nigeria’s economic growth strengthened in the second quarter, supported by improved performance in agriculture, services and the non-oil sector, despite weaker industrial growth and a sharp contraction in electricity supply.
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