Nigeria's Q2 2026 GDP jumps 4.43% as extractive sectors surge, coal mining up 74.89%

Nigeria’s economy expanded 4.43% year-on-year in Q2 2026, the strongest quarterly performance since Q3 2021, according to the National Bureau of Statistics. The growth was powered by a rebound in extractive and energy-linked activities: coal mining surged 74.89% after a -9.80% contraction the previous quarter, oil refining rose 43.94% from 37.46% in Q1, and metal ores jumped to 20.18% from a -8.75% contraction. Agriculture, services and the broader non‑oil economy also contributed to the expansion.

The uneven pattern shows that while the headline GDP figure signals renewed momentum, the gains are concentrated in a few volatile sectors. Coal mining and metal ores have swung sharply between contraction and expansion in recent quarters, reflecting sensitivity to power‑sector demand and global commodity prices. In contrast, sectors such as telecommunications, water supply and financial services posted steadier, though slower, growth, providing a more stable base for the economy.

For businesses and investors, the data suggests opportunities in extractive industries but also risks of sudden downturns. Will you allocate resources to the high‑growth, high‑volatility extractive sectors, or balance your exposure with steadier performers like telecoms and water services to hedge against swings?

SOURCE: https://nairametrics.com/2026/09/02/top-10-fastest-growing-sectors-in-nigeria-in-q2-2026/