Business

Nigeria’s economy grows 4.43% in Q2 2026 — NBS

Published

1 month ago

September 1, 2026

Nigeria’s economy grew by 4.43 per cent year-on-year in real terms in the second quarter of 2026, according to the National Bureau of Statistics (NBS).

The latest growth rate is higher than the 4.23 per cent recorded in the corresponding quarter of 2025 and represents an improvement from the 3.89 per cent recorded in the first quarter of 2026.

The NBS disclosed this in its Gross Domestic Product Report for the second quarter of 2026, released on Monday.

The latest figure indicates that economic activity continued to expand during the quarter, extending a gradual recovery recorded over the past year.

Nigeria’s economy grew by 3.87 per cent in real terms in 2025, compared with 3.38 per cent in 2024, according to the NBS data.

The latest quarterly performance was also the strongest growth recorded since the third quarter of 2024, when the economy expanded by 3.86 per cent, based on the NBS quarterly series.

In nominal terms, the country’s GDP stood at ₦119.29 trillion in the second quarter of 2026, while real GDP was estimated at ₦53.47 trillion.

The improvement came as both the oil and non-oil sectors recorded stronger growth compared with the preceding quarter, although the contribution of the non-oil economy remained overwhelmingly dominant.

Services remain dominant

The services sector remained the largest contributor to Nigeria’s real GDP during the quarter, accounting for 56.62 per cent of total output.

It also recorded real growth of 4.60 per cent, up from 3.94 per cent in the corresponding quarter of 2025.

Agriculture contributed 26.15 per cent to real GDP and grew by 4.39 per cent, a significant improvement from the 2.82 per cent recorded in the second quarter of 2025.

The improvement in agriculture is notable, as the sector remains an important source of employment and income for millions of Nigerians, even as farmers continue to contend with insecurity, high input costs, climate-related pressures, and infrastructure constraints.

The industrial sector, however, recorded slower growth.

Industry grew by 3.96 per cent in the second quarter, compared with 7.46 per cent in the corresponding period of 2025. It accounted for 17.23 per cent of real GDP during the quarter.

The slowdown means that the stronger headline GDP figure was not reflected uniformly across all major sectors of the economy.

Oil production rises

Meanwhile, the oil sector recorded a stronger performance during the quarter, aided by higher crude oil production.

Nigeria’s average daily oil production rose to 1.72 million barrels per day (bpd) in the second quarter, from 1.55 million bpd in the first quarter of 2026.

Production was also higher than the 1.68 million bpd recorded in the second quarter of 2025.

The increase in production coincided with stronger growth in the oil sector.

The sector grew by 7.31 per cent year-on-year in real terms, compared with 2.57 per cent in the first quarter of 2026. On a quarter-on-quarter basis, oil-sector growth stood at 10.91 per cent.

Despite the improvement, oil remained a relatively small part of Nigeria’s overall economic output.

The sector contributed 4.16 per cent to real GDP in the second quarter, up from 4.05 per cent in the corresponding quarter of 2025 and 3.92 per cent in the first quarter of 2026.

By contrast, the non-oil sector accounted for 95.84 per cent of real GDP.

The non-oil sector grew by 4.31 per cent in real terms during the quarter, compared with 3.64 per cent in the second quarter of 2025 and 3.94 per cent in the first quarter of 2026.

According to the NBS, agriculture, information and communication, real estate, trade, financial and insurance services, manufacturing and construction were among the activities that supported non-oil growth during the quarter.

Growth improves but remains moderate

The latest GDP figures suggest that Nigeria’s economy is gaining momentum, but the pace of expansion remains moderate relative to the country’s development needs.

President Bola Tinubu’s administration has repeatedly set a target of achieving 7 per cent annual economic growth by 2027. The 4.43 per cent quarterly growth, therefore, remains below the pace required to reach that broader target if sustained annual growth is the benchmark.

The economy has nevertheless recorded a gradual improvement since the contraction and weak growth rates that characterised earlier years.

The annual growth rate rose from 0.95 per cent in 2021 to 4.32 per cent in 2022, before moderating to 3.04 per cent in 2023. It then increased to 3.38 per cent in 2024 and 3.87 per cent in 2025, according to the NBS data.

The latest figures, therefore, point to a continued, although still gradual, strengthening of economic activity.

READ ALSO: Three-year scorecard of the Federal Ministry of Marine and Blue Economy

However, stronger GDP growth does not necessarily mean that households are immediately experiencing improved living standards.

GDP measures the value of goods and services produced in the economy and does not, on its own, show how income is distributed or whether households can afford basic goods and services.

For Nigerians, the impact of the latest expansion will ultimately depend on whether stronger economic activity translates into more jobs, higher incomes, increased investment and lower production and living costs.

The continued dominance of services and the improved performance of agriculture also highlight the growing importance of the non-oil economy to Nigeria’s growth story.

At the same time, the slowdown in industrial growth shows that challenges related to electricity, financing, infrastructure, logistics, and production costs continue to weigh on the productive sectors.

The latest NBS figures provide further evidence that the Nigerian economy is expanding faster than a year ago.

The bigger test, however, will be whether that growth can be sustained and broadened across productive sectors and translate into tangible improvements in Nigerians’ economic well-being.

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Related Topics:economy Grows NBS Nigerias

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Business

SEC Deepens Investor Education in Nasarawa, Seeks Stronger Partnership

Published

2 hours ago

October 12, 2026

PlateauReports

The Securities and Exchange Commission (SEC), Nigeria, has stepped up its drive to boost financial literacy, safeguard investors and widen participation in the Nigerian capital market through its Capital Market Awareness, Unclaimed Funds and Investor Education Outreach Programme, held in Lafia, Nasarawa State.

The programme brought together representatives of relevant institutions, academia and other stakeholders to promote awareness of investment opportunities, facilitate access to unclaimed dividends and other investment assets, and educate the public on measures to guard against fraudulent investment schemes.

Among those present were representatives of the ICMR, the Probate Registry, key departments of the Securities and Exchange Commission, academia and the National Population Commission. Their participation underscored the importance of institutional collaboration in addressing the challenges associated with unclaimed investments and improving public understanding of the capital market.

Members of the SEC Board who attended the programme also delivered goodwill messages, reaffirming the importance of investor education, public enlightenment and sustained efforts to protect investors while broadening access to the capital market.

A major highlight of the engagement was a courtesy visit by the SEC Chairman, Alhaji Mairiga Aliyu Katuka, to the Executive Governor of Nasarawa State, His Excellency, Engr. Abdullahi A. Sule, to appreciate the state government’s support and seek stronger collaboration in advancing investor education and financial inclusion.

During the courtesy visit, Katuka expressed appreciation to the Governor for providing strategically located office space in Lafia for the Commission’s liaison office.

The facility, situated within the complex previously occupied by the State Ministry of Education, is expected to become operational soon, bringing the Commission’s services closer to investors and residents of Nasarawa State.

The SEC Chairman described the gesture as a significant contribution to strengthening the Commission’s presence in the state and improving access to its services.

In his response, Governor Sule commended the SEC for its work in the Nigerian capital market, acknowledging the importance of the Commission’s regulatory role and its efforts to promote investor protection and strengthen confidence in the market. He also recognised the significance of initiatives aimed at improving public awareness of investment opportunities and encouraging informed participation in the capital market.

The Governor’s commendation highlighted the value of the Commission’s work in promoting a transparent and orderly market, while underscoring the importance of collaboration between the SEC and the Nasarawa State Government in advancing financial inclusion and economic development.

Katuka also commended the state government’s efforts to promote investment, enterprise, industrialisation and sustainable economic development, noting that Nasarawa’s growing economic potential makes it an important partner in expanding participation in the Nigerian capital market.

He explained that the Commission’s outreach initiative forms part of its nationwide efforts to improve financial literacy, promote legitimate investment opportunities, protect investors and assist Nigerians in recovering unclaimed dividends and other investment assets.

He solicited the state government’s support in mobilising business owners, cooperative societies, youth groups, market associations and other stakeholders to participate actively in the programme.

According to him, an informed population is better equipped to make sound financial decisions, protect its savings and contribute meaningfully to economic growth.

At the outreach programme, the Commission highlighted the challenge of unclaimed dividends and other investment assets, emphasising the need to ensure that investors can access funds rightfully belonging to them.

Unclaimed investments may arise from incomplete investor records, outdated shareholder information, changes in bank account details and difficulties associated with transferring investments following the death of an investor.

The Commission stressed that such funds represent the savings and investments of individuals and families and should be accessible to their rightful owners through established procedures.

To address the challenge, the SEC highlighted the enhanced e-Dividend Mandate Management System, which facilitates the direct payment of dividends into shareholders’ bank accounts and enables investors to update their records more conveniently.

Investors were encouraged to regularise their investment information and take advantage of the available facilities to facilitate the recovery of outstanding dividends.

The Commission also emphasised the importance of cooperation among registrars and other market stakeholders in improving record management, enhancing service delivery and resolving outstanding claims.

The programme further reinforced the SEC’s commitment to protecting investors, promoting financial literacy and expanding access to reliable information about the capital market. Through continued engagement with government institutions, academia, market stakeholders and the public, the Commission aims to strengthen investor confidence and encourage responsible participation in Nigeria’s financial markets.

The post SEC Deepens Investor Education in Nasarawa, Seeks Stronger Partnership appeared first on Business Today NG.

Business

NPA to fix rail, logistics gaps at inland dry ports

Published

10 hours ago

October 12, 2026

PlateauReports

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The Nigerian Ports Authority (NPA) has moved to address rail connectivity and logistics challenges affecting inland dry ports as part of efforts to integrate the facilities into the nation’s port system and improve cargo movement across the country.

The move followed a meeting between the NPA management, led by its Managing Director, Abubakar Dantsoho, and the Executive Director of Dala Inland Dry Port, Ahmad Rabiu, alongside representatives of Funtua Inland Dry Port, at the authority’s corporate headquarters in Marina, Lagos.

The engagement came after the Minister of Marine and Blue Economy, Adegboyega Oyetola, directed the transfer of operational oversight of inland dry ports to the NPA.

The discussions focused on strengthening institutional collaboration, addressing infrastructure constraints and improving operational efficiency across Nigeria’s maritime logistics chain.

Speaking during the meeting, Mr Dantsoho stressed the need to upgrade inland dry port infrastructure and technical capacity to complement ongoing modernisation efforts at the nation’s seaports.

He said the facilities must be equipped to handle increasing cargo volumes and support the broader transformation of Nigeria’s maritime sector.

“For our Inland Dry Ports to function at the same velocity as the ongoing modernisation across our seaports, we must proactively upgrade dry port infrastructure and technical capacity,” Mr Dantsoho said.

He explained that the integration of digital platforms, including the Port Community System (PCS) and the National Single Window, into seaport operations must be matched by corresponding improvements at inland dry ports.

“As we integrate digital systems such as the Port Community System (PCS) and the National Single Window in our seaports, the dry ports must deploy modern equipment and advanced technical capabilities to handle larger cargo volumes and bigger vessels coming to our coast,” he added.

Increased private-sector investment

The NPA managing director also called for increased private-sector investment in inland dry port infrastructure, noting that stronger investment would be critical to improving cargo handling capacity and operational efficiency.

He cited APM Terminals’ establishment of an Export Processing Terminal in Northern Nigeria as an example of private-sector participation in the development of inland logistics infrastructure.

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Mr Dantsoho assured stakeholders that efforts to optimise the inland port system were underway and confirmed plans to visit the Dala and Funtua facilities to assess their operational conditions and infrastructure requirements.

Operational oversight

Speaking on behalf of the delegation, Hassan Bello welcomed the transfer of operational oversight to the NPA, expressing appreciation for what he described as a seamless transition.

Mr Bello referenced the gazetted Port Act, which recognises inland dry ports as official ports of origin and destination, while drawing attention to challenges confronting the facilities, particularly inadequate rail connectivity and broader logistics constraints.

Rail access is a critical component of inland dry port operations, as efficient connections to the national rail network can facilitate cargo movement between seaports and inland destinations, potentially reducing pressure on road transport and lowering logistics costs.

The meeting also established a framework for further technical consultations, infrastructure integration and physical planning to identify the requirements for improving operations at the facilities.

The discussions highlighted the need for detailed technical assessments, stakeholder coordination and physical inspections to establish infrastructure priorities and guide subsequent project development.

The planned visits to Dala and Funtua inland dry ports are expected to provide NPA with a clearer understanding of the facilities’ operational challenges and the interventions required to strengthen their roles in cargo distribution, trade facilitation and wider maritime logistics network.