Nigeria’s economy expands by 4.4% in Q2 2026, lifted by oil, non-oil sectors

Nigeria’s gross domestic product (GDP) grew by 4.4% in the second quarter of 2026, data released by the statistics office revealed.

National Bureau of Statistics (NBS) reported that the Nigerian economy expanded by 4.4% year on year, compared with 4.2% recorded in the same period in 2025.

Q2 growth was 50 basis points higher than the preceding quarter, according to the statistics office report. In the first quarter of the year, Nigeria’s economy expanded 3.9% year-on-year.

On a sectoral basis, the oil sector grew by 7.3% y/y in Q2 2026, moderating significantly from 20.5% y/y in Q2 2025 but improving from 2.6% y/y in Q1 2026.

NBS data showed that average crude oil production rose to 1.72 million barrels per day (mbpd), compared to 1.68 mbpd in Q2 2025 and 1.55 mbpd in Q1 2026.

Meanwhile, the non-oil sector expanded by 4.3% y/y in Q2 2026, higher than the 3.6% y/y growth recorded in Q2 2025, and also higher than the 3.9% y/y growth posted in Q1 2026.

Growth in the non-oil sector was primarily driven by Agriculture (Crop Production), Information and Communication (Telecommunications), Real Estate, Trade, Financial and Insurance Services (Financial Institutions), Manufacturing (Cement), and Construction.

Specifically, the agriculture sector grew by 4.4% y/y, improving from 2.8% y/y in Q2 2025 and from 3.2% y/y in Q1 2026, while the services sector expanded by 4.6% y/y, up from the 3.9% y/y growth recorded in the corresponding quarter of 2025.
Real GDP (y/y): 4.43% in Q2 2026 vs 4.23% in Q2 2025
•    Oil GDP (y/y): 7.31% in Q2 2026 vs 20.46% in Q2 2025
•    Non-Oil GDP (y/y): 4.31% in Q2 2026 vs 3.64% in Q2 2025

Sectoral performance:
•    Agriculture expanded 4.39% y/y, supported by improved crop production.
•    Industry grew 3.96% y/y, a marked slowdown from 7.46% in Q2 2025.
•    Services rose 4.60% y/y, remaining the largest contributor to aggregate GDP at 56.62%.

Overall, the data points to sustained economic resilience, with growth anchored by the services sector alongside gradual improvement across non-oil activities. The outturn affirms our broader expectation of a steady, non-oil-led growth trajectory through the rest of the year.