Tuesday, September 1, 2026 - Nigeria’s economy grew by 4.43 percent in real terms in the second quarter of 2026, according to the National Bureau of Statistics (NBS).
The bureau disclosed this in its latest Gross Domestic
Product (GDP) report released on Monday, saying the latest growth rate was
higher than the 4.23 percent recorded in the corresponding quarter of 2025. The
increase represents a 0.2 percentage-point rise year-on-year.
According to the NBS, the agriculture sector grew by 4.39
percent during the quarter, compared with 2.82 percent in the same period of
2025. “The growth of the industry sector stood at 3.96% from 7.46% recorded in
the second quarter of 2025, while the services sector recorded a growth of
4.60% from 3.94% in the same quarter of 2025,” the report said.
The bureau added that the services sector remained the
largest contributor to Nigeria’s overall economic output during the period. “In
terms of share of the GDP, the services sector contributed more to the
aggregate GDP in the second quarter of 2026 at 56.62% compared to the
corresponding quarter of 2025 at 56.53%.”
The NBS said Nigeria’s aggregate GDP stood at N119.27
trillion in nominal terms in Q2 2026. The figure represents an 18.43 percent
year-on-year nominal increase from the N100.7 trillion recorded in the
corresponding period, according to the report.
In real terms, Nigeria’s GDP stood at N53.47 trillion during
the second quarter of 2026. The bureau also reported an increase in the
country’s average daily crude oil production, which rose to 1.63 million
barrels per day (mbpd) during the quarter.
However, the figure was lower than the 1.68 mbpd recorded in
the corresponding quarter of 2025 by 0.05 mbpd. It was, however, higher than
the 1.55 mbpd recorded in the first quarter of 2026 by 0.17 mbpd.
“The real growth of the oil sector was 7.31 (year-on-year)
in Q2 2026, indicating a decrease of 13.15% points relative to the rate
recorded in the corresponding quarter of 2025 (20.46%),” the NBS said. “Growth
increased by 4.74% points when compared to Q1 2026, which was 2.57%. On a
quarter-on-quarter basis, the oil sector recorded a growth rate of 10.91% in Q2
2026.”
The oil sector accounted for 4.16 percent of Nigeria’s total
real GDP in Q2 2026, up from 4.05 percent in the same quarter of 2025. Its
contribution was also higher than the 3.92 percent recorded in the preceding
quarter.
Meanwhile, the non-oil sector accounted for 95.84 percent of
Nigeria’s real GDP during the quarter, according to the NBS. The bureau said
the figure was slightly lower than the 95.95 percent recorded in Q2 2025 and
the 96.08 percent recorded in Q4 2025
“The non-oil sector grew by 4.31% in real terms during the
reference quarter (Q2 2026),” the NBS said. “This rate was higher by 0.67%
points compared to the rate recorded in the same quarter of 2025, which was
3.64%, and higher than the 3.94% recorded in the first quarter of 2026.”
The statistics agency said growth in the non-oil sector was
driven mainly by agriculture, particularly crop production, as well as
information and communication, including telecommunications. Other key
contributors were real estate, trade, financial and insurance services,
particularly financial institutions, manufacturing, especially cement
production, and construction.
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