Business
Nigeria’s GDP rises 4.4% as oil sector rebounds
By Elizabeth Adegbesan
The National Bureau of Statistics (NBS), yesterday, said that the Nigerian economy expanded in real terms by 4.43 percent year-on-year, YoY, in the second quarter of 2026, Q2’26 from 4.2 percent in Q2’25.
NBS disclosed this in its Gross Domestic Product, GDP, report for Q2’26 noting that both the oil and non-oil sectors grew in the review period, rising by 7.3 percent YoY and 4.3 percent YoY, respectively.
NBS said: “GDP grew by 4.43 percent YoY in real terms in the Q2’26, higher than the 4.23 percent recorded in the Q2’25.
“During the quarter under review, agriculture grew by 4.39 percent, an improvement from the 2.82 percent recorded in the corresponding quarter of 2025.
“The growth of the industry sector stood at 3.96 percent from 7.46 percent recorded in the second quarter of 2025, while the services sector recorded a growth of 4.6 percent from 3.94 percent in the same quarter of 2025.”
According to the bureau, in terms of share of the GDP, the services sector contributed more to the aggregate GDP in Q2’26 at 56.62 percent compared to the corresponding quarter of 2025 at 56.53 per cent.
On oil sector growth, NBS noted that the nation recorded an average daily oil production of 1.72 million barrels per day (mbpd) in Q2’26, higher than the daily average production of 1.68 mbpd recorded in the same quarter of 2025 by 0.05 mbpd and higher than Q1’26 production volume of 1.55mbpd by 0.17 mbpd.
“The real growth of the oil sector was 7.31 (year-on-year) in Q2’26, indicating a decrease of 13.15 percent points relative to the rate recorded in the corresponding quarter of 2025 (20.46 percent).
“Growth increased by 4.74 percent points when compared to Q1’26, which was 2.57 per cent.
“On a quarter-on-quarter basis, the oil sector recorded a growth rate of 10.91 percent in Q2’26.
“The Oil sector contributed 4.16 percent to the total real GDP in Q2’26, up from the figure recorded in the corresponding period of 2025 at 4.05 percent and up from the preceding quarter, where it contributed 3.92 percent”, NBS added.
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