Nigeria Q2 2026 Economic Growth
Nigeria's economy expanded 4.43% year‑on‑year in the second quarter of 2026, the fastest pace in five years, according to the National Bureau of Statistics (NBS) released on 31 August 2026. The figure exceeded the 3.89% growth recorded in Q1 2026 and surpassed the median Bloomberg survey estimate of 4.2%.
The oil sector posted a 7.31% quarterly increase, up from 2.57% in the preceding quarter. Crude oil prices averaged $93 per barrel during the quarter, compared with $73 per barrel in the prior three‑month period, a rise attributed to supply constraints caused by the United States’ conflict with Iran in the Strait of Hormuz. Daily oil production rose to a 1.72 million‑barrel average, up from 1.55 million barrels per day in Q1.
The non‑oil sector grew 4.31% year‑on‑year, modestly higher than the 3.94% recorded in the previous quarter. Growth was driven primarily by telecommunications and agriculture activities.
Commodity price indices reflected the higher oil market, with Brent spot prices up 2.34% and Light Crude Oil (LCO) up 5.03% over the quarter.
All figures are taken directly from the NBS report and Reuters coverage.