Nigeria’s economy sees fastest growth in five years

Nigeria’s economy rose to its fastest level in five years, largely driven by the services and  now booming   agricultural sector, data from the National Bureau of statistics (NBS) on Monday have shown.

According to data, Africa’s most populous nation’s economy grew by 4.43 percent year-on-year in real terms in the second quarter of 2026, higher than the 4.23 percent recorded in the period of 2025.

The recent GDP data was in line with the BusinessDay’s forecast of an increment in the GDP figure with the oil sector accounting for 4.16 percent of the total GDP and non oil accounting for 95.84 percent.

The agriculture sector recorded the sharpest growth, rising by 4.39 percent, a jump from 2.82 percent recorded in Q2 2025.

Industry Sector dropped year on year from 7.46 percent recorded in 2025 to 3.96 percent in Q2 2026 while the services sector grew year on year by 4.60 percent compared 3.94 percent in the same period in 2025.

In terms of contribution to the real GDP, Services sector ranked highest, contributing 56.62 percent to the GDP, followed by the Agricultural sector at 26.15 percent and Industries completed the rest of the share at 17.23 percent, underscoring the impact of the services sector in spearheading the growth of the economy.