By Benson Daniel
Nigeria’s real Gross Domestic Product grew by 4.43 per cent in the second quarter of 2026, representing an improvement from the 4.23 per cent recorded in the corresponding period of 2025.
The latest performance was driven largely by stronger activity in the services and agriculture sectors, while the industrial sector recorded slower growth during the period.
Data from the National Bureau of Statistics showed that real GDP increased from N51.20 trillion in the second quarter of 2025 to N53.47 trillion in the second quarter of 2026.
The services sector remained the largest contributor to economic output, expanding by 4.60 per cent year-on-year in the quarter, compared with 3.94 per cent recorded in the same period of the previous year.
Agriculture also recorded a significant improvement, growing by 4.39 per cent compared with 2.82 per cent in the second quarter of 2025 and 3.15 per cent in the first quarter of 2026.
On a quarter-on-quarter basis, agricultural output surged by 17.80 per cent, lifting the sector’s contribution to real GDP to 26.15 per cent during the quarter.
The improved agricultural performance is significant for the wider economy, given the sector’s role in food production, employment and rural economic activity. The stronger output also comes amid increased attention on domestic food production and efforts to reduce pressure on food prices.
The services sector continued to provide the strongest support for overall economic activity, with telecommunications, financial services, trade, real estate and other service related activities contributing to the sector’s performance.
However, the industrial sector continued to face challenges, with growth slowing to 3.96 per cent in the second quarter from 7.46 per cent recorded in the corresponding period of 2025.
The weaker industrial performance highlights the continued pressure faced by manufacturers and other businesses from high operating costs, inadequate power supply, infrastructure constraints and expensive access to credit.
The oil sector also provided additional support to economic growth, expanding by 7.31 per cent year-on-year during the quarter. Average daily crude oil production increased to 1.72 million barrels per day from 1.68 million barrels per day in the second quarter of 2025.
The non-oil sector remained the dominant part of the economy, growing by 4.31 per cent in real terms compared with 3.64 per cent in the same quarter of 2025.
Major contributors to non-oil growth included crop production, telecommunications, real estate, trade, financial institutions, manufacturing and construction.
Trade remained the largest individual contributor to real GDP, accounting for 17.93 per cent, followed by crop production with 17.66 per cent and real estate with 12.71 per cent.
Telecommunications and information services contributed 9.72 per cent, while livestock accounted for 6.04 per cent.
The latest figures point to a gradual strengthening of economic activity, although the uneven performance across sectors underscores the need for policies that can sustain growth while addressing structural constraints in industry.
Stakeholders are expected to continue monitoring the impact of monetary, fiscal and structural reforms on investment, production and household welfare as the economy seeks to maintain its growth trajectory.
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