Nigeria’s real Gross Domestic Product (GDP) grew by 4.43% year-on-year in the second quarter of 2026, expanding total economic output to N53.47tn from N51.20tn in Q2 2025 according to data from the National Bureau of Statistics. This growth trajectory was predominantly driven by strong performances in the services and agricultural sectors, alongside a rebound in domestic crude oil production, even as the industrial sector continues to struggle under severe structural constraints.
The services sector expanded by 4.60% year-on-year, powered largely by momentum across financial services, telecommunications, fintech, and real estate. Agriculture also posted a solid performance with a 4.39% year-on-year growth and a sharp 17.80% surge quarter-on-quarter, bringing its total contribution to real GDP to 26.15%. Support also came from the oil sector, which grew by 7.31% year-on-year as average daily crude output rose to 1.72 million barrels per day. Meanwhile, the non-oil economy grew by 4.31% to account for 95.84% of total real GDP, driven by trade, crop production, construction, and telecommunications.
Enjoying this article? Share it with your network!
Despite overall economic expansion, the industrial sector slowed down considerably to 3.96% growth, compared to 7.46% in Q2 2025. Members of the Organised Private Sector (OPS) and local economists noted that while improved liquidity and macroeconomic reforms since Q2 2023 have brought stability and encouraged investment, high credit costs, persistent power outages, and reliance on expensive generators continue to place a heavy burden on industrial competitiveness and manufacturing growth.
Information provided by Edfrica is for awareness purposes only and does not constitute a guarantee or endorsement.
