Nigeria’s Gross Domestic Product (GDP) grew by 4.4% year-on-year in real terms in the second quarter of 2026 compared with the 4.2% growth recorded in the corresponding quarter of last year, validating the recent assessments of the performance of the nation’s economy by global rating agencies, analysts and the Federal Government.
The National Bureau of Statistics (NBS) in the ‘Nigerian Gross Domestic Product Q2 2026’ report published on Monday indicated that in the quarter under review, agriculture grew by 4.39%, an improvement from the 2.82% recorded in the corresponding quarter of 2025.
Also, the national statistical system coordinating agency disclosed that in Q2 2026, the industry sector’s growth slowed to 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% recorded in Q2 2025.
The Bureau further clarified that 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%.
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It also reported that in the quarter under review, aggregate GDP at basic price stood at N119,294,681.84 million in nominal terms, higher than the second quarter of 2025, which recorded an aggregate GDP of N100,730,501.10 million, indicating a year-on-year nominal growth of 18.43%.
When analyzed based on the classification of the economy into the oil and non-oil sectors, the data reflected that in the quarter under review, Nigeria 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.
Comparatively, the non-oil sector grew by 4.31% in real terms in Q2 2026 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.
The Bureau maintained that the non-oil sector’s growth 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, accounting for positive GDP growth.
It added that in real terms, the non-oil sector contributed 95.84% to the nation’s GDP in the second quarter of 2026, lower than the 95.95% contribution in Q2 2025 as well as 96.08% contribution in the first quarter of this year.
