By Ajibola Olaide, JKNewsMedia Reporter
REAL GROSS Domestic Product (GDP) growth climbed to 4.43% year on year in the second quarter of 2026, accelerating from the 3.89% recorded in the previous quarter, the National Bureau of Statistics (NBS) reported on Monday.
JKNewsMedia.com reports that the latest performance reflected faster growth across both the oil and non-oil sectors, keeping the economy on a stronger trajectory than in the previous year.
NBS says that Nigeria’s economy grew by 3.87% in real terms in 2025, up from 3.38% in 2024.
However, the Q2 expansion remains below President Bola Tinubu’s target of achieving annual growth of 7% by 2027.
The oil sector provided a significant boost during the quarter as average daily crude production climbed to 1.72 million barrels per day, compared with 1.55 million barrels per day in Q1.
The rise in output followed years in which disruptions, oil theft, ageing infrastructure and underinvestment constrained crude production.
Higher production remains important for government revenue and foreign exchange earnings because of the continued role of oil in Nigeria’s external position.
NBS said that the increase also coincided with federal government reforms aimed at improving the operating environment for investors and increasing economic activity.
Despite the stronger growth figure, the economy continues to face elevated living costs, infrastructure constraints and weak purchasing power, alongside the effects of ongoing fiscal and monetary adjustments.
Businesses are also contending with high financing and operating costs, while the government faces pressure to increase revenue without undermining private sector activity.
The stronger Q2 performance comes as the administration moves towards the final stretch before the 2027 presidential election, with economic performance expected to remain a major issue for voters and policymakers.
JKNewsMedia.com also reports that the latest figures provide a more positive picture of economic activity following reforms introduced since 2023, including changes to fuel subsidies, foreign exchange management and fiscal policy.
Sustaining the momentum will depend on whether higher oil production can be maintained while the non-oil economy continues to expand.
The acceleration in both sectors also comes as the economy seeks to reduce its dependence on fluctuations in crude production and prices.
Also, the Q2 figures arrive less than six months before Nigeria’s next presidential election, scheduled for early 2027.
Meanwhile, Tinubu is seeking a second and final four-year term, making economic performance a central measure by which his administration’s policies are likely to be judged.
NBS also notes that for investors, rising oil output alongside improving non-oil activity could strengthen the outlook for the economy. Maintaining the momentum, however, will require continued progress on inflation, infrastructure, investment and fiscal sustainability.
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