Nigeria’s economy expanded by 4.43 per cent in the second quarter of 2026, surpassing the 4.23 per cent recorded in the same period last year, according to the National Bureau of Statistics.
Oil Sector Rebounds
The latest figures show a stronger performance from the oil sector, which grew by 7.31 per cent year-on-year.
Average crude oil production also increased to 1.72 million barrels per day, up from 1.55 million barrels per day in the first quarter and 1.68 million barrels per day in Q2 2025.
The oil sector’s contribution to real GDP rose to 4.16 per cent, compared with 3.92 per cent in Q1 2026.
Non-Oil Sector Remains Dominant
The non-oil sector continued to account for the bulk of economic activity, contributing 95.84 per cent to real GDP during the quarter.
It grew by 4.31 per cent, supported by improved performances in agriculture and services.
The services sector remained the largest contributor, accounting for 56.62 per cent of real GDP.
Agriculture Records Strong Growth
Agriculture recorded a significant improvement, growing by 4.39 per cent, compared with 2.82 per cent in Q2 2025.
Its contribution to real GDP stood at 26.15 per cent, while its quarter-on-quarter growth reached 20.69 per cent.
Manufacturing, Construction Slow
Despite the overall economic expansion, some key sectors recorded weaker performances.
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Manufacturing’s contribution to real GDP fell to 7.72 per cent, while construction contributed 3.68 per cent.
The industrial sector also slowed, recording 3.96 per cent growth, compared with 7.46 per cent in Q2 2025.
Tinubu Says Stabilisation Phase Is Over
President Bola Tinubu welcomed the figures, saying the economy had moved beyond the difficult phase of stabilisation following reforms introduced by his administration.
The President said the government would now focus on ensuring that stronger economic growth translates into improved living conditions for Nigerians.
He also pointed to rising oil production, increased foreign reserves, improved credit ratings and renewed investor interest as signs of economic recovery.
