Nigeria’s economy grew by 4.43% year-on-year in the second quarter of 2026, accelerating from the 3.89% recorded in the first quarter, according to data released by the National Bureau of Statistics (NBS).
The latest figures show that both the oil and non-oil sectors recorded stronger growth during the quarter, contributing to the overall expansion of the economy.
Nigeria’s economy grew by 3.87% in real terms in 2025, compared with 3.38% in 2024. However, the growth rate remains below President Bola Tinubu’s target of achieving 7% annual economic growth by 2027.
Analysts said the latest performance reflected continued domestic economic activity despite challenges in the global economy.
Karim Noujaim, managing partner at Skykapital Europe, said Nigeria’s growth was being supported by domestic economic momentum, while future investments and structural reforms could further improve business activity and worker productivity.
The stronger performance in the oil sector was also supported by increased crude oil production. Nigeria’s average daily oil production rose to 1.72 million barrels per day in the second quarter, up from 1.55 million barrels per day in the first quarter of 2026.
The economic performance comes as President Tinubu prepares to seek a second and final four-year term in the 2027 presidential election, with economic growth and security expected to remain major issues for voters.
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