Nigeria Achieves Stronger Growth, Economy Expands by 4.4% in Second Quarter

Nigeria delivered a stronger economic performance during the second quarter of the year as output expanded by 4.4 per cent in real terms compared with the same period of the previous year. Data released by the National Bureau of Statistics in Abuja shows that the latest figures surpass the 3.89% growth rate registered in the first quarter and indicate a steady acceleration driven primarily by concurrent gains across both petroleum and non-petroleum activities.

Aggregate gross domestic product reached 119.29 trillion naira in nominal terms during the three months ending in June. Real gross domestic product stood at 53.47 trillion naira. Analysts note that the expansion reflects broader economic resilience despite persistent structural hurdles facing domestic enterprises.

The pivotal oil sector posted a growth rate of 7.3%  year on year, rebounding sharply from earlier quarters. This upswing was supported by improvements in daily crude oil production, which averaged 1.72 million barrels per day during the quarter, moving up from 1.55 million barrels per day in the preceding period. Although the petroleum industry remains a vital source of foreign exchange earnings, it accounted for 4.16% of aggregate real output.

Meanwhile, the non-oil economy maintained its role as the primary anchor of national output, expanding by 4.3% year on year and contributing 95.84% to overall gross domestic product. The services sector spearheaded this expansion with a 4.6% growth rate, bolstered by robust performances in telecommunications, financial institutions, and real estate. Agriculture also registered a positive turnaround, growing by 4.4% due to early harvest activities and improved crop yields.

Boardroom Voices Africa Insight

The Q2 expansion underscores a broadening economic base where non-oil sectors continue to buffer external shocks. For corporate leaders and institutional investors, the data signals resilient consumer demand within services and agriculture, pointing to strategic entry points despite ongoing macroeconomic volatility.