The National Bureau of Statistics (NBS) has announced that Nigeria’s Gross Domestic Product (GDP) grew by 4.43% year-on-year in the second quarter of 2026.
The NBS said Nigeria’s GDP increased from 4.23% recorded in the corresponding quarter of 2025.
“Gross Domestic Product (GDP) grew by 4.43% (year-on-year) in real terms in the second quarter of 2026, higher than the 4.23% recorded in the second quarter of 2025,” the bureau said in its Q2 2026 GDP Report released on Monday, August 31, 2026.
The bureau noted that agriculture grew by 4.39% in real terms in Q2 2026, compared with 2.82% in Q2 2025 and 3.15% in Q1 2026.
It said the sector expanded by 17.80% quarter-on-quarter and accounted for 26.15% of real GDP during the quarter, slightly below its 26.17% contribution a year earlier but above the 23.16% recorded in Q1 2026.
The services sector remained the fastest-growing of the three major sectors, expanding by 4.60% year-on-year, compared with 3.94% in Q2 2025.
Industry, however, recorded slower growth of 3.96%, down sharply from 7.46% in the corresponding quarter of 2025.
In nominal terms, Nigeria’s aggregate GDP stood at N119.29 trillion in Q2 2026, compared with N100.73 trillion in Q2 2025.
This represents a year-on-year nominal increase of 18.43%, reflecting the combined effect of economic expansion and changes in prices.
The NBS classified the economy into oil and non-oil sectors, with the latter continuing to account for the overwhelming majority of economic activity.
The NBS disclosed that Nigeria’s average daily crude oil production increased to 1.72 million barrels per day (mbpd) in Q2 2026, from 1.68 mbpd in Q2 2025 and 1.55 mbpd in Q1 2026.
OPay reacts as customers panic over shutdown rumour
The bureau stated that the oil sector grew by 7.31% year-on-year in real terms, significantly below the 20.46% recorded in Q2 2025 but higher than the 2.57% growth recorded in Q1 2026.
On a quarter-on-quarter basis, the oil sector expanded by 10.91%.
Oil contributed 4.16% to real GDP in Q2 2026, up from 4.05% a year earlier and 3.92% in the preceding quarter.
The non-oil sector grew by 4.31% year-on-year in real terms during Q2 2026, compared with 3.64% in Q2 2025 and 3.94% in Q1 2026.
The NBS added that the growth was driven mainly by agriculture, information and communication, real estate, trade, financial and insurance services, manufacturing, and construction.
The National Agency for Food and Drug Administration and Control (NAFDAC) has destroyed expired and…
Supporters of the Kwankwasiyya Movement have petitioned the Independent National Electoral Commission (INEC) over the…
President Bola Tinubu has approved lifetime salaries for retired Comptrollers-General and Deputy Comptrollers-General of the…
The National Agency for Food and Drug Administration and Control (NAFDAC) has seized and destroyed…
A 25-year-old Nigerian man, Bosun Osagie, has been sentenced to two years and three months…
Security operatives have arrested five suspected members of a criminal gang allegedly involved in the…
This website uses cookies.