FX.co ★ Nigeria GDP Growth Hits 5-Year High

Nigeria’s economy grew by 4.43% year-on-year in Q2 2026, its fastest pace since Q2 2021 and an acceleration from the 3.89% expansion recorded in the previous quarter. The crucial oil sector led the upturn, expanding by 7.31% compared with 2.57% in Q1, as higher global oil prices and supply disruptions linked to the US–Iran conflict supported activity. Average daily crude oil output rose to 1.72 million barrels per day in Q2, up from 1.68 million bpd a year earlier and 1.55 million bpd in Q1 2026.

The non‑oil sector also gained momentum, growing by 4.31% after 3.94% in the first quarter. Services provided the largest lift, expanding 4.60%, with telecommunications (10.38%), real estate (3.8%), trade (2.4%) and financial institutions (8.4%) among the main contributors. Agriculture increased by 4.39%, underpinned by stronger crop production (3.66%), while the industrial sector grew 3.96%, supported chiefly by cement manufacturing (12.75%) and construction (6.75%).