Nigeria’s economy expands by 4.4% in Q2, lifted by oil and non-oil sectors
Nigeria's economy grew 4.43% year-on-year in the second quarter of 2026, up from 3.89% recorded in the preceding quarter, official data showed on Monday.
Nigeria's economy expanded by 4.43% year-on-year in the second quarter of 2026, surpassing the 3.89% growth in the previous quarter, according to official data released on Monday. The National Bureau of Statistics reported that both the oil and non-oil sectors contributed to the acceleration in growth. The country's economic momentum has been building, with a 3.87% growth in real terms in 2025, compared to 3.38% in 2024.
However, Nigeria's growth is still lagging behind its target of a 7% annual rate by 2027. Karim Noujaim, managing partner at Skykapital Europe, noted that domestic factors, despite facing global challenges, have kept Nigeria's growth on track. Noujaim anticipates that large-scale capital investments and structural reforms will further improve business connectivity and productivity in the long run.
President Bola Tinubu, aiming for re-election in the upcoming presidential election in early 2027, will likely face scrutiny over his administration's economic and security policies. Nigeria's daily oil production averaged 1.72 million barrels, up from 1.55 million barrels in the first quarter of 2026.
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