Agric, services lead expansion as Nigeria’s economy grows 4.43% in Q2
Omeiza Bilal
Nigeria’s economy expanded by 4.43 per cent year-on-year in real terms in the second quarter of 2026, marking a modest improvement from the 4.23 per cent recorded in the corresponding quarter of 2025.
In its Nigeria Gross Domestic Product Report Q2 2026, the National Bureau of Statistics (NBS) stated that the latest figure represents a 0.20 percentage-point increase from the same quarter last year and indicates continued, albeit gradual, expansion in economic activity.
The result also places the second quarter growth above the 3.89 per cent recorded in the first quarter of 2026, signaling an acceleration in the pace of expansion.
The performance comes amid improving macroeconomic conditions, including stronger oil production and exports, increased refined petroleum product exports, improved foreign-exchange liquidity and resilient activity in several non-oil sectors.
According to the NBS, agriculture grew by 4.39 per cent in the second quarter of 2026, substantially higher than the 2.82 per cent recorded in the second quarter of 2025.
The improvement suggests a stronger contribution from the agricultural sector despite the persistent challenges of insecurity, high input costs, inadequate infrastructure and limited access to finance confronting farmers and agribusinesses.
The services sector remained the strongest-performing major sector, expanding by 4.60 per cent during the quarter, compared with 3.94 per cent in the corresponding period of 2025.
The sector’s performance reflects the continuing resilience of activities such as telecommunications, financial services, trade and other service-based businesses, which have increasingly become important drivers of Nigeria’s economic expansion.
Industrial output grew by 3.96 per cent in the second quarter of 2026, a sharp decline from the 7.46 per cent recorded in the second quarter of 2025. The slowdown highlights continuing concerns over energy costs, infrastructure deficiencies, financing constraints, logistics bottlenecks and the overall operating environment for manufacturers and other industrial operators.
