Nigeria’s economy grows 4.43%, its fastest pace since 2024
Services and farming drove growth, and the non-oil economy now makes up almost 96% of GDP.
Key points
- Nigeria’s economy grew 4.43% year-on-year in the second quarter of 2026, up from 3.89% in Q1 and the fastest since the third quarter of 2024, the NBS said.
- Services (4.60%) and agriculture (4.39%) drove growth; the non-oil sector made up 95.84% of real GDP.
- Oil output averaged 1.72 million barrels a day, up from 1.55 million in Q1.
Nigeria's economy grew 4.43% year-on-year in the second quarter of 2026, according to the National Bureau of Statistics (NBS). That was up from 3.89% in the first quarter and 4.23% a year earlier, the fastest growth since the third quarter of 2024.
What drove growth
- Services, which make up 56.62% of real GDP, grew 4.60%, up from 3.94% a year earlier.
- Agriculture grew 4.39%, a big improvement on 2.82% a year earlier.
- Industry slowed to 3.96%, from 7.46% a year earlier.
Oil and non-oil
The oil sector grew 7.31%, with production averaging 1.72 million barrels a day, up from 1.55 million in the first quarter. But oil is now only 4.16% of real GDP. The non-oil economy, which grew 4.31%, makes up 95.84%.
The wider picture
The growth figures came as Nigeria's inflation eased and the central bank cut its benchmark rate to 23%, while investors piled into the Dangote refinery's share offer. Faster growth in farming is also a goal of the new $500 million Niger Delta agriculture fund.
Sources
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