According to the National Bureau of Statistics (NBS), Nigeria’s economy grew by 4.43% y/y in Q2-26, up from 3.89% y/y in Q1-26. This print came in 23bps above Cordros’ estimate of +4.20% y/y for the quarter.
Based on the Gross Domestic Product (GDP) breakdown provided, the oil sector grew sharply by 7.31% y/y in Q2-26 (Q1-26: +2.57% y/y), primarily due to higher crude oil production. Specifically, oil production averaged 1.72 mb/d in Q2-26, a 2.4% y/y increase from the 1.68 mb/d recorded in Q2-25.
The sector’s contribution to GDP stood at 4.16% (Q1-26: 3.92%). Similarly, the non-oil sector expanded by 4.31% y/y (Q1-26: +3.94% y/y), with its contribution to GDP at 95.84% (vs Q1-26: 96.08%).
For the broader economy, Services expanded at a faster pace of 4.60% y/y (Q1-26: +4.31% y/y), and the Agriculture GDP grew by 4.39% y/y (Q1-26: +3.15% y/y). The Industries GDP growth also improved to 3.96% y/y (Q1-26: +3.50% y/y).
By Share of GDP, Services, Agriculture, and Industries accounted for 56.62%, 26.15% and 17.23% of the overall GDP, respectively (vs Q1-26: 57.73%, 23.16%, and 19.11%, respectively).
