Nigeria's Q2 2026 GDP jumps to 4.43%, strongest growth in five years
Nigeria's real GDP expanded by 4.43% year-on-year in Q2 2026, the strongest quarterly growth since Q2 2021 and up from 3.89% in Q1 2026 and 3.87% for full-year 2025. The expansion was driven by a broad improvement across sectors, with agriculture contributing about 1.15 percentage points and telecommunications about 0.95 points. Livestock production surged to 6.92% growth in Q2 from 2.20% in Q1, while telecom ICT grew 9.62% (down from 10.98% Q1). Oil rebounded, with crude petroleum up 7.31% versus 2.57% in Q1. Services such as accommodation and food services (6.96% up from 4.36%), insurance (16.13% up from 9.94%) and real estate (3.76% up from 2.29%) also gained momentum. Weaknesses remained in transportation (slowed to 5.70% from 7.41%) and electricity and gas (contracted 10.63%, improved from -15.30%). The broader-based expansion offset weaker performances in ICT, transport and power, making growth less dependent on a single engine.
This performance signals improving economic resilience and has prompted upward revisions from global institutions. The World Bank raised its 2026 growth estimate to 4.4% from 3.7% and maintains a 4.4% forecast for 2027. S&P Global Ratings upgraded Nigeria's long-term foreign and local currency credit ratings to 'B' from 'B-'. Moody's changed the sovereign outlook to 'positive' from 'stable', citing stronger foreign reserves and better-than-expected growth. However, the IMF trimmed its 2026 forecast to 4.1% from 4.4%, citing global and domestic pressures.
For businesses and investors, the data highlights opportunities in agriculture, livestock and telecom, while cautioning about ongoing challenges in transport and power supply. With agriculture and telecom leading growth, will you adjust your business strategy or investment focus to these sectors?