MON AUG 31 2026-theGBJournal| Nigeria’s economic growth accelerated in the second quarter of 2026, with stronger oil output helping lift real gross domestic product (GDP) growth to 4.43% year-on-year from 3.89% in the previous quarter, according to data from the National Bureau of Statistics (NBS).
The G&B Journal notes that the latest reading points to a broadening recovery in Africa’s largest economy, although the sharp improvement in oil-sector output remains an important driver of the acceleration.
The World Bank had projected Nigeria’s economy to grow by about 4.2% in 2026-28 in its April Nigeria Development Update, while its more recent June 2026 Global Economic Prospects put Nigeria’s full-year 2026 growth forecast at 4.1%.
The NBS figure also exceeded Cordros’ estimate of 4.20% year-on-year for the quarter by 23 basis points.
According to the GDP breakdown released by the statistics office, the oil sector expanded by 7.31% year-on-year in Q2-26, a sharp acceleration from the 2.57% recorded in Q1-26. The improvement was primarily driven by higher crude oil production.
Oil production averaged 1.72 million barrels per day in the quarter, up 2.4% from the 1.68 million barrels per day recorded in Q2-25. The stronger production level came as improved output provided additional support to a sector that has historically been a key source of foreign exchange and government revenue for Nigeria.
The oil sector’s contribution to total GDP consequently rose to 4.16%, compared with 3.92% in the first quarter.
But the latest numbers also show that Nigeria’s growth story remains predominantly non-oil driven.
The non-oil sector expanded by 4.31% year-on-year in Q2-26, accelerating from 3.94% in Q1-26. It accounted for 95.84% of total real GDP during the quarter, compared with 96.08% in the preceding quarter.
The Q2 figures suggest that momentum is building across both sides of the economy: oil output has recovered more strongly, while the much larger non-oil economy continues to expand.
In nominal terms, aggregate GDP at basic prices stood at N119.29 trillion in Q2-26, compared with N100.73 trillion in the corresponding quarter of 2025. That represents nominal year-on-year growth of 18.43%.
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