Nigeria GDP Growth Hits 5-Year High

2026-08-31 13:00 By Luisa Carvalho 1 min. read

Nigeria's economy expanded by 4.43% year-on-year in Q2 2026, the fastest pace since Q2 2021, accelerating from a 3.89% advance in the previous period.

The all-important oil sector powered the pickup, surging 7.31% from 2.57% in Q1, as higher oil prices and supply constraints stemming from the US-Iran conflict supported activity.

The average daily crude oil production reached 1.72 million barrels per day in Q2, higher than 1.68 million bpd in the same period last year and 1.55 million bpd in Q1 2026.

The non-oil sector also strengthened, expanding 4.31% from 3.94% in the first quarter.

Services provided the biggest boost, expanding 4.60%, with telecommunications (10.38%), real estate (3.8%), trade (2.4%) and financial institutions (8.4%) contributing the most.

Agriculture grew 4.39%, driven by stronger crop production (3.66%), while industry advanced 3.96%, supported by cement manufacturing (12.75%) and construction (6.75%).



News Stream
Nigeria GDP Growth Hits 5-Year High
Nigeria's economy expanded by 4.43% year-on-year in Q2 2026, the fastest pace since Q2 2021, accelerating from a 3.89% advance in the previous period. The all-important oil sector powered the pickup, surging 7.31% from 2.57% in Q1, as higher oil prices and supply constraints stemming from the US-Iran conflict supported activity. The average daily crude oil production reached 1.72 million barrels per day in Q2, higher than 1.68 million bpd in the same period last year and 1.55 million bpd in Q1 2026. The non-oil sector also strengthened, expanding 4.31% from 3.94% in the first quarter. Services provided the biggest boost, expanding 4.60%, with telecommunications (10.38%), real estate (3.8%), trade (2.4%) and financial institutions (8.4%) contributing the most. Agriculture grew 4.39%, driven by stronger crop production (3.66%), while industry advanced 3.96%, supported by cement manufacturing (12.75%) and construction (6.75%).
2026-08-31
Nigeria GDP Growth Moderates to 3.9% in Q1
Nigeria's economy expanded by 3.89% year-on-year in Q1 2026, moderating from a 4.07% advance in the previous three-month period. Growth slowed sharply in the all-important oil sector (2.57% vs 6.79% in Q4). The average daily crude oil production reached 1.55 million barrels per day in Q4, lower than 1.62 million bpd in the same period last year and 1.58 million bpd in Q4 2025, attributed to several factors including aged facilities and oil theft. The non-oil sector rose 3.94%, slightly easing from 3.99% in Q4 but maintaining a robust pace, supported by services (4.31%), industry (3.50%) and agriculture (3.15%). Within services, the strongest gains were recorded in information & communication (10.98%), financial & insurance (8.54%), transportation & storage (7.41%), real estate (2.29%) and trade (2.08%). Manufacturing (3.29%) also contributed positively, with oil refining surging 37.46% and cement production jumping 11.53%.
2026-05-25
Nigeria GDP Grows Slightly Faster in Q4
The economy of Nigeria grew by 4.07% year-on-year in Q4 2025, up slightly from a 3.98% expansion in the prior period. The all-important oil sector advanced by 6.79%, accelerating from 5.84% in Q3, amid higher oil production compared to the previous year. The average daily crude oil production reached 1.58 million barrels per day in Q4, up from 1.54 million bpd in the same period last year, but down from 1.64 million bpd in Q3. Meanwhile, the non-oil sector rose by 3.99%, up from 3.91% in Q3, mainly boosted by agriculture (4%), information and communication (7.55%); real estate (3.43%); finance and Insurance (8.30); trade (2%); construction (5.08%); and manufacturing (1.13%). Considering the whole year of 2025, Nigeria's economic growth reached 3.9%, above the 3.4% achieved the previous year.
2026-02-27