- Non-Oil Sector Powers 95% Of Nigeria’s Q2 GDP
- GDP Growth Proves ‘Renewed Hope Agenda’ Is Working-Tinubu
Nigeria’s economy expanded by 4.43 percent in real terms in the second quarter of 2026, strengthening from the 4.23 percent recorded in the corresponding quarter of 2025, the National Bureau of Statistics (NBS) has said.
The latest figure represents a 0.20 percentage-point increase year-on-year, signalling continued expansion despite a slowdown in the industrial sector.
The NBS disclosed this in its latest Gross Domestic Product (GDP) report released on Monday.
According to the statistics agency, the services sector remained the dominant force in the economy, accounting for 56.62 percent of aggregate GDP in Q2 2026, slightly higher than the 56.53 percent recorded in Q2 2025.
Agriculture also staged a stronger performance, growing by 4.39 percent, compared with 2.82 percent in the same quarter of 2025.
The NBS said: “The growth of the industry sector stood at 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% in the same quarter of 2025.”
In nominal terms, Nigeria’s aggregate GDP surged to N119.27 trillion during the quarter under review, compared with N100.7 trillion recorded in the corresponding quarter of 2025.
That represents a hefty 18.43 percent year-on-year nominal growth.
In real terms, however, the nation’s GDP stood at N53.47 trillion in Q2 2026.
Oil Output Rises, But Sector Growth Slows
Nigeria’s oil sector recorded a mixed performance during the quarter, with crude production rising from the previous quarter even as output remained below the level recorded a year earlier.
The NBS said average daily oil production climbed to 1.63 million barrels per day (mbpd) in Q2 2026, up from 1.55 mbpd in Q1 2026.
However, the figure was still 0.05 mbpd below the 1.68 mbpd recorded in Q2 2025.
Despite the lower year-on-year production, the oil sector posted 7.31 percent real growth in Q2 2026.
The NBS noted that the figure represented a sharp decline of 13.15 percentage points from the 20.46 percent growth recorded in Q2 2025.
But compared with Q1 2026, when the sector grew by just 2.57 percent, the latest performance represents a 4.74 percentage-point improvement.
On a quarter-on-quarter basis, the oil sector expanded by 10.91 percent.
The sector also increased its contribution to real GDP marginally, accounting for 4.16 percent in Q2 2026, compared with 4.05 percent in Q2 2025 and 3.92 percent in Q1 2026.
Non-Oil Sector Powers 95.84% Of GDP
Despite the improved oil-sector performance, Nigeria’s economic engine remained firmly anchored outside crude oil, with the non-oil sector contributing 95.84 percent to real GDP in Q2 2026.
The NBS said the figure was marginally lower than the 95.95 percent recorded in Q2 2025 and 96.08 percent in Q4 2025.
But the sector itself accelerated, recording 4.31 percent real growth during the quarter.
According to the bureau, the growth rate was 0.67 percentage points higher than the 3.64 percent recorded in Q2 2025 and also exceeded the 3.94 percent recorded in Q1 2026.
The NBS attributed the non-oil sector’s performance mainly to crop production, telecommunications, real estate, trade, financial institutions, manufacturing—particularly cement—and construction.
The latest figures further underline the changing structure of Nigeria’s economy, with services, agriculture, telecommunications, finance, manufacturing and construction collectively carrying the bulk of economic activity while oil continues to account for only a small share of total output.
The Q2 figures therefore present a striking picture: Nigeria’s economy is growing faster, but the overwhelming bulk of that growth is coming from the non-oil sector.
Reacting to the development, President Bola Ahmed Tinubu declared that his administration’s reforms are now delivering results and putting the economy on an “irreversible path” to stronger growth.
The President said the latest figures vindicated the tough economic decisions taken by his administration since assuming office in May 2023, insisting that the reforms were designed to stabilise the economy and lay the foundation for broad-based prosperity.
The NBS report also showed growth across agriculture, manufacturing, oil and gas, and the services sector, with services maintaining its position as the largest contributor to aggregate GDP.
In nominal terms, Nigeria’s GDP climbed to N119.27 trillion in Q2 2026, representing an 18.43 percent increase from the N100.7 trillion recorded in the corresponding period of 2025.
Reacting to the figures, Tinubu said the report came at a crucial moment, accusing the opposition of consistently attempting to undermine his administration’s economic achievements and threatening to reverse its policies if given the opportunity to govern.
“In the past three years, we tried to do the hard part by implementing the necessary reforms to stabilise the economy. Now the economy is stabilised, and we have laid the foundation for a prosperous nation,” the President said.
“We didn’t do the reforms to create challenges, but to ensure prosperity reaches all our people.”
Tinubu declared that the latest economic indicators were evidence that his signature Renewed Hope Agenda was beginning to bear fruit.
“The results of the efforts are becoming very clear to all: The Renewed Hope Agenda is working,” he said.
The President pointed to what he described as a string of economic and infrastructural gains, including trade surpluses, stronger foreign reserves, improved credit ratings, rising oil and gas production and the return of investors who had previously left the country.
“Because of those tough decisions, today Nigeria has trade surpluses. Our foreign reserves are at their highest in 17 years. Our credit rating has moved up several notches,” Tinubu said.
He also highlighted ongoing infrastructure projects, saying his administration was building roads, railways and superhighways designed to serve the country for decades.
The President further touted developments in the education sector, declaring that Nigerian universities were witnessing an unprecedented period without strikes.
“And in our universities—for the first time in a long time—there are no strikes. Our children are in class,” he said.
He added that the Nigerian Education Loan Fund (NELFUND) was expanding access to higher education through student loans, while affordable credit was being made available to civil servants through the CreditCorp initiative.
However, Tinubu acknowledged that millions of Nigerians were still grappling with economic hardship, promising that his administration would intensify measures targeted at vulnerable households.
“In the next few weeks, we are addressing some of the challenges being faced by our vulnerable population by providing cheaper means of transport, ramping up food production and implementing various relief programmes that will touch lives at the grassroots,” he said.
The President insisted that the ultimate test of his economic policies would be whether the improvements being recorded at the macroeconomic level translate into tangible relief for ordinary Nigerians.
“Under our watch, the economy is on the irreversible path to experience even more growth that all homes will feel at the dining table and in their pockets,” Tinubu said.
“We are not resting on our oars. We are fully committed to translating consistent, stronger economic performance into better microeconomic outcomes for our citizens.”
He urged Nigerians and policymakers to remain vigilant to ensure that the gains recorded so far are sustained.
“We must stay vigilant by ensuring the sustainable progress we are recording remains irreversible,” the President stated.
