Nigeria’s economy grew by 4.43% year-on-year in the second quarter of 2026, accelerating from 3.89% in the first quarter, as stronger performance in both the oil and non-oil sectors helped Africa’s most populous nation maintain its economic momentum.
The latest figures, released by the National Bureau of Statistics (NBS), point to continued expansion in Africa’s largest economy despite global economic uncertainty and domestic challenges.
Growth in the second quarter was supported by improved activity in the oil sector, where average daily crude production rose to 1.72 million barrels per day, compared with 1.55 million barrels per day in the first quarter of 2026.
The non-oil sector also recorded stronger growth, reflecting continued activity across key areas of the economy.
Nigeria’s economy expanded by 3.87% in real terms in 2025, improving from 3.38% growth in 2024. The latest quarterly performance suggests that the country is continuing its gradual recovery and expansion.
However, the growth rate remains below President Bola Tinubu’s target of 7% annual economic growth by 2027, leaving the government with significant work to do in boosting investment, productivity and job creation.
The improved economic performance comes as Tinubu’s administration continues to pursue economic reforms aimed at attracting investment, strengthening public finances and improving long-term productivity.
Analysts say continued capital investment and structural reforms could further support growth by improving business connectivity and worker productivity.
The economic figures could also become increasingly important politically as Nigeria approaches the 2027 presidential election, when Tinubu is expected to seek a second and final four-year term.
For now, the second-quarter data provides a positive signal for Nigeria’s economy, with growth accelerating and oil production recovering. But sustaining that momentum and closing the gap toward the government’s ambitious 7% growth target will depend on whether reforms translate into stronger investment, job creation and improved living standards for Nigeria’s rapidly growing population.
