Nigeria’s economy recorded a stronger performance in the second quarter of 2026, with Gross Domestic Product (GDP) growing by 4.43 per cent year-on-year, while crude oil production climbed to its highest level in four years.
The latest report by the National Bureau of Statistics (NBS) showed that the Q2 GDP growth was higher than the 4.23 per cent recorded in the corresponding quarter of 2025.
The report also revealed that Nigeria’s average daily crude oil production rose to 1.72 million barrels per day (mbpd) during the quarter, the highest quarterly production level since 2022.
The increase in oil output was also higher than the 1.68 mbpd recorded in Q2 2025 and significantly above the 1.55 mbpd recorded in the first quarter of 2026.
According to the NBS, average daily oil production increased by 0.05 mbpd year-on-year and by 0.17 mbpd compared with the previous quarter.
The agency said the agricultural sector also recorded stronger growth, expanding by 4.39 per cent in Q2 2026, compared with 2.82 per cent in the same period of 2025.
However, the industrial sector recorded slower growth, falling to 3.96 per cent from 7.46 per cent in Q2 2025.
The services sector, on the other hand, grew by 4.60 per cent, up from 3.94 per cent recorded in the corresponding quarter of 2025.
The services sector remained the largest contributor to economic output, accounting for 56.62 per cent of total GDP, slightly higher than the 56.53 per cent recorded in Q2 2025.
Nominal GDP rises to N119.29trn
The NBS report further showed that aggregate GDP at basic prices stood at N119.29 trillion in nominal terms during the quarter.
The figure represents an 18.43 per cent year-on-year increase compared with the N100.73 trillion recorded in Q2 2025.
The bureau said the Nigerian economy remained broadly divided into oil and non-oil sectors for analytical purposes.
Non-oil sector grows 4.31%
The non-oil sector grew by 4.31 per cent in real terms during Q2 2026, representing an improvement of 0.67 percentage points over the 3.64 per cent recorded in Q2 2025.
The growth was also higher than the 3.94 per cent recorded in Q1 2026.
The NBS attributed the expansion largely to strong performances in agriculture, particularly crop production; information and communication, especially telecommunications; real estate; trade; financial and insurance services; manufacturing, particularly cement; and construction.
Despite the stronger performance, the non-oil sector’s contribution to real GDP fell slightly to 95.84 per cent, compared with 95.95 per cent in Q2 2025 and 96.08 per cent in Q1 2026.
The latest figures indicate that while the non-oil economy remains the dominant driver of Nigeria’s output, the recovery in crude oil production is beginning to provide additional support to overall economic growth.
