– Advertisement –
Data released by the National Bureau of Statistics (NBS) shows Nigeria’s Gross Domestic Product (GDP) grew by 4.43% year-on-year (YoY) in real terms during Q2 2026.
This represents a sequential acceleration from the 3.89% expansion recorded in Q1 2026 and an improvement over the 4.23% growth logged in Q2 2025.
The economic expansion was supported by steady performance across both the oil (+7.30% YoY) and non-oil (+4.31% YoY) sectors. Although oil sector growth moderated relative to the high base effect of Q2 2025 (+20.5% YoY), non-oil performance gained momentum—anchored by services, agriculture, trade, ICT, and real estate.
Sectoral Highlights & Economic Drivers
-
Services Lead Contribution: The services sector expanded by 4.60% YoY (vs. 3.94% in Q2 2025), contributing 56.62% of real GDP. Key sub-sectors driving performance included telecommunications (ICT), financial institutions, and real estate.
-
Agricultural Rebound: Agriculture output grew 4.39% YoY, significantly outperforming the 2.82% recorded in Q2 2025, driven by improved crop production performance during the early harvest season.
-
Industrial Drag: The industrial sector expanded by 3.96% YoY, slowing from 7.46% in Q2 2025 due to elevated diesel costs and persistent manufacturing input price inflation earlier in the year.
Source link
Read Full Article by Bala Augie at moneycentral.com.ng
Source link
