Market News
Nigeria's economy expands by 4.4% in Q2, lifted by oil and non-oil sectors - REUTERS
ABUJA, Aug 31 (Reuters) — Nigeria’s economy grew 4.43% year-on-year in the second quarter of 2026, accelerating from 3.89% in the first quarter, according to data from the National Bureau of Statistics (NBS).
Economic Growth Accelerates
Growth strengthened across both the oil and non-oil sectors compared with the first quarter.
Nigeria’s economy has been gaining momentum. Real GDP expanded 3.87% in 2025, compared with 3.38% in 2024.
Despite the improvement, economic growth remains below President Bola Tinubu’s target of 7% annual growth by 2027.
Domestic Economy Supports Growth
Karim Noujaim, managing partner at Skykapital Europe, said Nigeria’s expansion was being supported by domestic economic momentum despite challenging global conditions.
He expects large-scale capital investment and structural reforms to improve business connectivity and worker productivity over time.
