August 31, 2026/CSL Update
- The National Bureau of Statistics (NBS) has released the Q2 2026 Gross Domestic Product (GDP) report, showing that the Nigerian economy expanded by 4.4% year-on-year (y/y), higher than the 4.2% y/y recorded in the corresponding period of 2025, and also higher than the 3.9% y/y growth recorded in Q1 2026.
- On a sectoral basis, the oil sector grew by 7.3% y/y in Q2 2026, moderating significantly from the 20.5% y/y growth recorded in Q2 2025, but improving from the 2.6% y/y growth recorded in Q1 2026. Average crude oil production rose to 1.72 million barrels per day (mbpd), compared to 1.68 mbpd in Q2 2025 and 1.55 mbpd in Q1 2026.
- Meanwhile, the non-oil sector expanded by 4.3% y/y in Q2 2026, higher than the 3.6% y/y growth recorded in Q2 2025, and also higher than the 3.9% y/y growth posted in Q1 2026.
- Growth in the non-oil sector was primarily driven by the performance of Agriculture (Crop Production), Information and Communication (Telecommunications), Real Estate, Trade, Financial and Insurance Services (Financial Institutions), Manufacturing (Cement), and Construction. Specifically, the agriculture sector grew by 4.4% y/y, improving from 2.8% y/y in Q2 2025 and from 3.2% y/y in Q1 2026, while the services sector expanded by 4.6% y/y, up from the 3.9% y/y growth recorded in the corresponding quarter of 2025.