By Hosea Parah

Nigeria’s economy recorded a 4.43 per cent real-term growth in the second quarter of 2026, surpassing the 4.23 per cent recorded in the corresponding period of 2025.

The National Bureau of Statistics (NBS), in its latest Quarterly Gross Domestic Product (GDP) Report released in August 2026, said the growth was driven by improved performances in the agriculture, services and oil sectors.

The Q2 growth also represented a significant improvement over the 3.89 per cent recorded in the first quarter of 2026.

According to the report, Nigeria’s nominal GDP stood at N119.29 trillion in Q2 2026, compared with N100.73 trillion in Q2 2025, representing an 18.43 per cent year-on-year increase.

The services sector remained the dominant contributor to real GDP, accounting for 56.62 per cent, while agriculture contributed 26.15 per cent and industry 17.23 per cent.

The services sector grew by 4.60 per cent year-on-year, up from 3.94 per cent in Q2 2025.

Agriculture also recorded stronger growth, expanding by 4.39 per cent compared with 2.82 per cent a year earlier. However, industry growth slowed to 3.96 per cent from 7.46 per cent in Q2 2025.

The oil sector grew by 7.31 per cent in real terms, although the rate was significantly below the 20.46 per cent recorded in the same quarter of 2025.

The NBS said 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.

Despite higher oil production, the oil sector accounted for only 4.16 per cent of real GDP, while the non-oil sector contributed 95.84 per cent.

The non-oil sector grew by 4.31 per cent in Q2 2026, compared with 3.64 per cent in Q2 2025 and 3.94 per cent in the preceding quarter.

Trade remained the largest contributor to real GDP at 17.93 per cent, followed by crop production at 17.66 per cent, real estate services at 12.71 per cent, and telecommunications and information services at 9.72 per cent.

Other significant contributors included livestock, 6.04 per cent; crude petroleum and natural gas, 4.16 per cent; construction, 3.68 per cent; financial institutions, 2.94 per cent; food, beverages and tobacco, 2.82 per cent; and public administration, 2.66 per cent.

The report, however, highlighted continued weaknesses in some sectors, particularly electricity supply and manufacturing.

Real manufacturing growth stood at 3.24 per cent, while electricity, gas, steam and air-conditioning supply contracted by 10.63 per cent year-on-year.

The NBS said the Q2 2026 GDP estimates were compiled using data from its Quarterly Establishment Survey and other administrative sources.

The Bureau explained that Quarterly National Accounts provide more frequent information on economic activities than annual accounts, enabling policymakers and other stakeholders to monitor economic performance more closely.

The latest report covers all four quarters of 2025, the annual GDP figures for 2025, and the first and second quarters of 2026, using rebased quarterly time-series estimates.

The NBS said its Quarterly Establishment Survey, introduced in 2008, is designed to provide timely information for quarterly GDP compilation and economic planning.

The Bureau maintains a publication timeline of 45 days after the end of each quarter.

The latest figures indicate continued economic expansion, although the uneven performance across sectors highlights persistent challenges in industrial productivity, infrastructure and electricity supply.