Nigeria’s Gross Domestic Product (GDP) grew by 4.43% (year-on-year) in real terms in the second quarter of 2026.
A report by the National Bureau of Statistics (NBS) stated that the figure is higher than the 4.23% recorded in the second quarter of 2025. This is just as the report stated: crude oil production has grown to 1.72 million barrels per day, the highest since 2022.
It is noted that during the quarter under review, agriculture grew by 4.39%, an improvement from the 2.82% recorded in the corresponding quarter 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. 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 report added that aggregate GDP at basic price stood at N119.29trn in nominal terms. “This performance is higher when compared to the second quarter of 2025, which recorded an aggregate GDP of N100.73trn, indicating a year-on-year nominal growth of 18.43%. For better clarity, the Nigerian economy has been classified broadly into the oil and non-oil sectors.”
“The nation in the second quarter of 2026 recorded an average daily oil production of 1.72 million barrels per day (mbpd), higher than the daily average production of 1.68 mbpd recorded in the same quarter of 2025 by 0.05 mbpd and higher than the first quarter of 2026 production volume of 1.55 mbpd by 0.17 mbpd.”
According to the report, the non-oil sector grew by 4.31% in real terms during the reference quarter (Q2 2026). “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. This sector was driven in the second quarter of 2026 mainly by Agriculture (Crop production); Information and Communication (Telecommunications); Real Estate; Trade; Financial & Insurance (Financial Institutions); Manufacturing (Cement); and Construction, which together accounted for positive GDP growth. In real terms, the non-oil sector contributed 95.84% to the nation’s GDP in the second quarter of 2026, lower than the share recorded in the second quarter of 2025, which was 95.95%, and lower than the first quarter of 2026, recorded as 96.08%.”
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