Nigeria’s Gross Domestic Product (GDP) grew by 4.43% year-on-year in real terms in the second quarter of 2026, driven by improved output in agriculture and services, official figures show.
Data released by the National Bureau of Statistics (NBS) indicates a modest acceleration from the 4.23% growth rate recorded in the same period of 2025.
Sector Breakdown
The performance reflects varied growth across key sectors of Africa’s largest economy:
- Agriculture & Services Lead: Agriculture grew by 4.39% in real terms, rebounding from 2.82% a year earlier and accounting for 26.15% of total real GDP. The services sector remained the fastest-growing segment, expanding by 4.60% compared with 3.94% in the second quarter of 2025.
- Industrial Slowdown: Growth in the industrial sector slowed sharply to 3.96%, down from 7.46% recorded in the corresponding quarter of 2025.
- Oil Sector Performance: Average daily crude oil production rose to 1.72 million barrels per day (mbpd), up from 1.68 mbpd in the second quarter of 2025. Real oil sector growth reached 7.31%—a notable slowdown from the 20.46% surge recorded in the same period last year, but a clear recovery from the 2.57% recorded in the first quarter of 2026.
- Non-Oil Expansion: The non-oil sector grew by 4.31%, underpinned by activity in telecommunications, real estate, trade, manufacturing, and financial services.
In nominal terms, total aggregate GDP reached ₦119.29 trillion for the quarter, marking an 18.43% year-on-year increase that reflects both real output gains and prevailing price movements.
International Outlook
The latest figures align closely with revised growth estimates by global financial institutions.
While the World Bank recently upgraded its 2026 growth forecast for Nigeria to 4.4%, the International Monetary Fund (IMF) adjusted its own projection to 4.1%, pointing to ongoing domestic and global economic headwinds.
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