Nigeria’s economy grows 4.43% in Q2 – NBS

In the second quarter of 2026, Nigeria's economy expanded by 4.43 percent year-on-year, surpassing the 4.23 percent growth recorded in the same period last year, according to the National Bureau of Statistics. This figure marked an improvement from the 3.89 percent growth seen in the first quarter of 2026. The bureau released its latest Nigerian Gross Domestic Product (GDP) Report for Q2 2026, which included rebased estimates of GDP at constant 2019 prices.

The aggregate GDP at current basic prices reached N119.29 trillion, reflecting an 18.43 percent nominal growth compared to N100.73 trillion in Q2 2025. Agriculture experienced a strong growth rate of 4.39 percent in real terms, increasing from 2.82 percent a year earlier. Services expanded further by 4.60 percent, up from 3.94 percent, while industrial growth decelerated to 3.96 percent, down from 7.46 percent.

Despite this slowdown, services remained the largest sector, contributing 56.62 percent to GDP, slightly higher than the 56.53 percent recorded in the previous period. Agriculture contributed 26.15 percent to real GDP, marginally down from 26.17 percent in Q2 2025 but up from 23.16 percent in the previous quarter. The oil sector expanded by 7.31 percent year-on-year, slowing from 20.46 percent in Q2 2025 but accelerating from 2.57 percent in the first quarter of 2026.

The non-oil sector grew by 4.31 percent, propelled mainly by agriculture, information and communication, real estate, trade, financial and insurance, manufacturing, and construction. Information and Communication technology sector saw the highest growth rate at 9.62 percent, boosting its contribution to real GDP to 11.74 percent from 11.18 percent in Q2 2025.

Manufacturing grew by 3.24 percent, but its share in real GDP decreased to 7.72 percent from 7.81 percent a year earlier. Construction grew by 6.75 percent and accounted for 3.68 percent of GDP. Trade contributed 17.93 percent to real GDP, expanding by 2.40 percent. Mining and quarrying increased by 6.37 percent, while water supply, sewerage, and waste management grew by 11.24 percent.

Accommodation and food services grew by 6.96 percent, and transportation and storage expanded by 5.70 percent. Arts, entertainment, and recreation posted a strong growth rate of 11.93 percent, while real estate grew by 3.76 percent. Finance and insurance recorded a real growth rate of 9.29 percent. However, other sectors expanded, with administrative and support services growing by 3.27 percent, public administration by 1.94 percent, education by 2.76 percent, and human health and social services by 2.64 percent.

Conversely, electricity, gas, steam, and air-conditioning supply contracted by 10.63 percent, making it a significant drag on growth. Other services also contracted by 0.70 percent, though this was an improvement from declines in Q2 2025 and the preceding quarter.