The Nigerian economy demonstrated significant growth in the second quarter of 2026, with the National Bureau of Statistics (NBS) reporting a 4.43 percent increase in Gross Domestic Product (GDP) compared to the same period last year. This marks an improvement from the 4.2 percent growth recorded in the second quarter of 2025.

The NBS attributed this growth to robust performances in both the oil and non-oil sectors, which expanded by 7.3 percent and 4.3 percent year-on-year, respectively. The report highlighted that agriculture saw substantial growth, increasing by 4.39 percent, a notable rise from the 2.82 percent recorded in the same quarter of the previous year.

In terms of sector contributions, the services sector remained the largest contributor to the GDP, accounting for 56.62 percent of the total, slightly up from 56.53 percent in Q2 2025. The industrial sector, however, experienced a decline, growing by only 3.96 percent compared to 7.46 percent in the previous year’s second quarter.

The oil sector's recovery was particularly noteworthy, with an average daily production of 1.72 million barrels per day (mbpd) in Q2 2026. This figure surpasses the 1.68 mbpd recorded in the same quarter of 2025 and is also an increase from 1.55 mbpd in the first quarter of 2026. Despite this growth, the real growth rate of the oil sector decreased to 7.31 percent year-on-year, down from 20.46 percent in Q2 2025, although it showed improvement from 2.57 percent in the previous quarter.

On a quarter-on-quarter basis, the oil sector demonstrated a remarkable growth rate of 10.91 percent in Q2 2026. Its contribution to the total real GDP rose to 4.16 percent, up from 4.05 percent in the same period last year and 3.92 percent in the preceding quarter.

Overall, the NBS's report reflects a positive trajectory for Nigeria's economy, driven by recovery in key sectors, particularly oil and services, setting a hopeful outlook for the remainder of the year.